The Financial Ombudsman Service upheld my complaint in respect to poor advice given by my financial adviser to draw my money out of the company pension scheme. For anyone who thinks they were badly advised about a ‘DB transfer’, the first thing to do is complain to the financial adviser concerned. As a result, your original financial adviser should now compensate you in line with the FCA rules. For example, suppose you gave up a DB pension which would have paid £10,000 per year at retirement in five years’ time. This is used to work out how large a pension pot you would need to match the final salary pension that you have given up.

Source: Daily Mail September 04, 2023 19:19 UTC