Pension Product Mis-Selling?
Does anyone have any reflections/advice on the use of 'low risk' portfolios that major pension providers put many near-retirees into and which have now bombed badly?
I am 59 and retired early having burned out in my career but invested in a SIPP. I moved this to a draw-down which has dropped £40,000 in just over 12 months.
I used a financial advisor to move from a SIPP to an advised product with Royal London having done a full personal expenditure assessment and risk analysis.
I appreciate this is a market issue (thanks Liz Truss) - but there must be thousands of older'ish people who have experienced same. We accepted the advice as a lower risk recommendation - and paid for that advice in many cases. It would have been better to put my money under my mattress.
I can't easily ride this out as I am now having to draw down the pension pot - not looking good and my situation has gone from comfortable to concerned in a flash.
Would just appreciate any others views and to understand what if any guarantees there might be to 'stop' a catastrophe as in the bank guarantees?
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