Taking hold of the future can be easily done if you have already prepared yourself for retirement. Instead of worrying about the money you will spend in order to compensate for your family’s financial commitments, you have committed to a pension mortgage plan. The plan makes you feel at ease and this gives you the confidence that your children’s education and family’s expenses will never be troubles anymore. However, have you been advised to transfer your pension mortgage to a personal scheme? If yes, then you should look over what mis sold pension mortgage is for your benefits may be at risk.
What Is Pension Mortgage?
Before you proceed with understanding mis sold pension mortgage, you should also define what pension mortgage really is. Basically, the term comes from two independent aspects, which are pension and mortgage. In general sense, the compound plan is known for reducing your tax issues in building up a plan through your post-retirement scheme to pay off your mortgage. The plan is different from the annuity mortgage for in this policy, there is no tax on the growth of the fund and lump sum. Also, there is a great relief from tax in terms of contributions.
Have You Mis Sold Your Pension Mortgage?
If you are asking yourself the big question whether you have mis sold pension mortgage or not, then you should look back on what happened when you were advised to tie up your plan in a personal scheme. Other than, you should also remember whether you were advised with the risks associated with the process or not. If not, you are likely at peril of losing almost all your benefits. Though you have been recommended to have an alternative product for your pension mortgage, it seems that you are not well aware of how the transference will be done.
What You Can Do Now
Either you have lost almost all your benefits or not, you have the right to complain about your mis sold pension mortgage. This is due to the fact that you are wrongfully advised on how to take care of your investment. As you claimed it, there is no overview of risks even given to you. In other words, even your incapability to understand all financial matters has not been considered by your advisor. You should complain still for your investment has performed badly and you just need proofs to do this.
Act Quickly by Coordinating With Your Provider
You should start checking out all the possible support or proof that will strengthen your complain. Make it possible to focus on documents presented by your advisor. Also, stick to the facts you just have claimed so that your complaint will be straightforward and reliable.
An Ombudsman on Act
If you complaint to your advisor has been disregarded, you may proceed to an ombudsman to carry on the investigation. However, take note that you may only complain if you have noticed that something is wrong with your investment three years after the mis sold pension mortgage incident. Be aware of the time limit to avoid wastage of time.