Life bond concerns
FCA express concerns over life bonds in pensions
The Financial Conduct Authority (FCA) in the UK recently voiced concerns about overseas advisory firms advising clients to transfer UK pensions into a self-invested personal pension using an offshore investment bond as they may be exposed to high and/or unnecessary charges.
This essentially means money is being invested with a third party Life Insurance company and the firms advising on these assets are receiving high commissions in return – to the detriment of your pension fund. It can also be very difficult (and expensive) to leave such arrangements once one has entered into them.
Switch out of a life bond
If you have a pension fund in a life bond, ask for all charges to be disclosed and seek advice about how you can move it to a lower cost investment platform.
Brite offers a unique model allowing you to move 100% of your money from a Life Bond into our modern, low cost investment platform.
Contact us for more information.
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