Pension Mis-Selling
Whilst Prism Xpat undertake a significant amount of cross border pension transfer work on personal pensions, SIPPs, SSAS and final salary schemes, we recognise that you should also involve a G60 specialist and Actuary especially where a final salary scheme is involved.
The pension mis-selling review was a phenomenon which arose in the UK in the 1990’s. Pension mis-selling occurred because financial advisers who provided advice to people to transfer out of their UK based final salary schemes did not consider the "promised benefits" and associated loss of employer contributions. This review cost the UK pensions industry billions of pounds in liability through pension mis-selling claims and bad advice.
Prism Xpat's advisers were not caught out in this area.
On the back of this review, the G60 qualification was introduced to ensure that any advice provided to clients to potentially transfer out of any UK pension scheme is now limited to those advisers who have met certain UK regulatory standards and passed the G60 qualification. Without this, UK regulated advice in this area cannot be provided.
Prism Xpat have staff who not only hold the G60 qualification, but who were leaders in training up hundreds of Actuaries and administrators in the UK (on the back of the UK’s pension mis-selling review) to calculate how much people had been mis-sold in this area.
They also have actuarial staff who have been involved in undertaking the associated 'loss' calculations for people who have been provided with compensation.
