Stay in Railway Pension or transfer to SIPP

Linton

Was it a final salary or Defined Contribution pension? If the former then as people said to the original OP transferring would probably be a very poor decision. You could have a good case for mis-selling. If the latter, it would have continued to increase in value in line with its investments.

Of course everything may all be OK, but I suggest some further investigation is needed.

dunstonh

Babbar wrote: »

Dunstonh - I worked 8 years for the pension i've transferred over and my thought process was that rather than it just staying where it is I may as well transfer it into a SASS so it can start to generate income, as I have over 20 years left till i retire.

You indicated that you transferred a frozen pension. Frozen is a specific term that relates to a final salary schemes. Just because you are not employed there any more does not mean it would have sat there doing nothing. In simple terms, the benefits are increased upto scheme age to take into account inflation and maintain a real terms value. Effectively, you transferred a dead cert into a gamble that statistically is likely to provide a worse outcome.

atush

Babbar wrote: »

lol, you clearly didnt read the newbie alert!

I read it, but you didn't read the one aobut being polite to us either?

You came on, you didn't understand, you slammed us and you gave out incorrect info.

atush

RichandJ wrote: »

There are a lot of posters on this board who either work within the pensions world or are highly knowledgable about it. They (& I include myself) don't do "hugs & kisses" posts, as they try to correct wrong impressions, outright falsehoods, biased or self interested posts & posts from actual scammers.

There are also a lot of attempts by various scammers to register & post as if they are happy customers of such scammers. Experience has shown that new posters who do such will eventually turn out to be working for the scammers. Hence the hostility to your original post.

If you're not one, then apologies, but your first post will invite this reaction.

Exactly my impression, was not a newbie post but one trying to lure

atush

Babbar wrote: »

I have revived a year old thread, because this was the most unbiased and recent opinions available online. I couldnt find anything more recent (sorry if thats not allowed!). Some folk act like right internet warriors.

It wasn't because you were a newbie, it wasn't because you revived a year old thread. It was because of both of those, and you called us Biased (which we aren't) and then you gave out incorrect information to others.

We correct incorrect info. And we try to help those who might fall prey to such scams. All we want is for people not to lose their hard earned money to scammers (or the tax man).

Drp8713

Babbar wrote: »

I've recently transfered my frozen pension from a previous employer into a SASS. An IFA company then wrote to me to tell me about the investment that the FRPS consultant had given me. Up until now it all seems legit and looks to be a sound investment (although with risk) but now that i've read these comments im not sure what to think.

When you say FPRS to you mean First Pension Review Service as in this artical http://www.ftadviser.com/2013/04/17/ifa-industry/your-business/warning-on-using-overseas-property-for-pension-funds-WzWPruWODkPjGztsK7Lt5L/article.html

If so, good luck on seeing your money again.

Ask them if you can transfer it out and see what they say. My guess is all of the excuses under the sun will appear.

RichandJ

Drp8713 wrote: »

When you say FPRS to you mean First Pension Review Service as in this artical http://www.ftadviser.com/2013/04/17/ifa-industry/your-business/warning-on-using-overseas-property-for-pension-funds-WzWPruWODkPjGztsK7Lt5L/article.html

If so, good luck on seeing your money again.

Ask them if you can transfer it out and see what they say. My guess is all of the excuses under the sun will appear.

My guess is that this poster works for/owns them & it's the usual come on tactic.

We shall see. I used to give this kind of poster a chance, but as the late, lamented bendix, once of this parish said often, if it walks like a duck, quacks etc etc. So I no longer do.

mania112

Babbar wrote: »

I've recently transfered my frozen pension from a previous employer into a SASS. An IFA company then wrote to me to tell me about the investment that the FRPS consultant had given me. Up until now it all seems legit and looks to be a sound investment (although with risk) but now that i've read these comments im not sure what to think.

Why can't people like you walk through my door. My job would be so much easier.

(There's literally nothing worse you could have done).

atush

he would'nt walk thru, unless he was going to recurit you to be in the scam?

I mean, why else would he slag us off for trying to help the OP not do it?

dunstonh

Just come across this company again and managed to put a stop to a transaction occurring. All I can say is dodgy as hell. Do not transact anything with this unregulated company.