Mark Armstrong on Nostr: npub1hykuc…73p33 This article reminds me of how my ex-father in law was ripped off ...
npub1hykucplphuhelaxutcw4jw3vuu7gcg42czhqmk7jhchs8vdga4fsj73p33 (npub1hyk…3p33) This article reminds me of how my ex-father in law was ripped off in the UK. He had a gold plated defined benefits pension scheme from Rolls Royce and when he took early redundancy from there a few years from retirement age in the early noughties he decided to see a financial advisor. The FA advised him he would see great returns by removing his pension from the scheme and putting it into a pension plan exposed to the share market. You, know, the worst possible plan for a person close to retirement with a defined benefits scheme. He took this advice and paid the advisor for his help in setting up the pension.
It didn't take long for him to discover just how badly he had been advised and he took the FA to the ombudsman over it. In the course of events he found out the FA had been self-dealing, getting paid by the pension company for taking his money as well as being paid by him. The FA filed for bankruptcy just before court action ruled in his favour and he had to claim money from a compensation scheme instead, which was far less than he was owed. Instead of retiring he went back to work as a handyman for several years.
It didn't take long for him to discover just how badly he had been advised and he took the FA to the ombudsman over it. In the course of events he found out the FA had been self-dealing, getting paid by the pension company for taking his money as well as being paid by him. The FA filed for bankruptcy just before court action ruled in his favour and he had to claim money from a compensation scheme instead, which was far less than he was owed. Instead of retiring he went back to work as a handyman for several years.