{"id":1588,"date":"2016-10-06T15:33:07","date_gmt":"2016-10-06T15:33:07","guid":{"rendered":"http:\/\/www.fpgonline.co.uk\/?p=1588"},"modified":"2023-09-19T11:09:18","modified_gmt":"2023-09-19T11:09:18","slug":"mis-buying-crisis","status":"publish","type":"post","link":"https:\/\/www.fpgonline.co.uk\/index.php\/mis-buying-crisis\/","title":{"rendered":"Pensioners On Cusp Of A \u2018Mis-Buying Crisis\u2019"},"content":{"rendered":"<div class=\"\"><b class=\"\"><\/b>A warning by one of the UK\u2019s leading pension providers, LV=, suggests that over-55s who have drawn down contributions from their retirement pots are on the \u2018cusp of a mis-buying crisis\u2019 if they risk reinvesting these funds in products without the help of an advisor.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">It is claimed that the pension reforms, which were introduced by the government in 2015, and removed the necessity for pension savers with defined contribution funds to buy an annuity, has led to individuals buying products without fully understanding the full risks involved. Also, the number of savers taking up the offer of a free 45-minute guidance session from Pension Wise, the government\u2019s advice service, has been worryingly low.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">The free Pension Wise sessions can be conducted in person, or over the phone, with specialists talking through every option available, as well as the tax consequences for individuals wishing to draw down funds \u2014 but it would appear few people are aware of the service, or have decided to ignore the opportunity.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">Whether or not LV= are right in their stark analysis, and mis-buying claims, only time will tell, but their recommendation of seeking professional, independent investment advice is certainly timely and perceptive.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">Having worked hard for many years, and having chosen to invest in a later life pension scheme, it is vital that we all have our eyes open when re-investing, and here at The Financial Planning Group, we pride ourselves in helping individuals, families and businesses to place their financial affairs in context with their future goals and aspirations.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\">We provide a simple, structured, disciplined and reviewable planning service with the aim of changing the fundamental relationship people have with their money to give them confidence and clarity in their own future.<\/div>\n<div class=\"\"><\/div>\n<div class=\"\"><b class=\"\">If you would like to talk to us about your investment and our financial strategy please call 0800 731 7614\u00a0and we will be happy to arrange a meeting in our offices in the heart of Teddington.<\/b><\/div>\n","protected":false},"excerpt":{"rendered":"<p>A warning by one of the UK\u2019s leading pension providers, LV=, suggests that over-55s who have drawn down contributions from their retirement pots are on the \u2018cusp of a mis-buying crisis\u2019 if they risk reinvesting these funds in products without the help of an advisor. It is claimed that the pension reforms, which were introduced [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[2],"tags":[],"class_list":["post-1588","post","type-post","status-publish","format-standard","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Pensioners On Cusp Of A \u2018Mis-Buying Crisis\u2019 - The Financial Planning Group<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.fpgonline.co.uk\/index.php\/mis-buying-crisis\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Pensioners On Cusp Of A \u2018Mis-Buying Crisis\u2019 - The Financial Planning Group\" \/>\n<meta property=\"og:description\" content=\"A warning by one of the UK\u2019s leading pension providers, LV=, suggests that over-55s who have drawn down contributions from their retirement pots are on the \u2018cusp of a mis-buying crisis\u2019 if they risk reinvesting these funds in products without the help of an advisor. 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