After discussion with a financial consultant in England, he disclosed that the professional indemnity insurance was costing £90,000 a year and therefore a lot of consultants were no longer dealing with DB as the PII was too high.
I managed to arrange another telephone consultation with a financial consultant in England. He took me through the relevant documents and I completed the relevant forms including personal circumstances.
I advised him I was extremely low-risk averse, whereby he decided that he was not recommending I take the CTV.
I advised him that it was my decision due to my circumstances and I asked if he could arrange for the CTV to be transferred into a low-risk area, for example, a cash fund.
He continued to say he was not recommending it and they didn’t do cash funds.
I had no other option but to take the tax free lump sum and pension (which is small).
I now have to find a job even though I am in ill health and I will have to sell my home as part of the CTV was to pay the mortgage off.
The financial consultant recommended that I could go for a equity release scheme, which I advised him I had looked at.
This would be like going from the frying pan into the fire – clearing the mortgage but still being in debt to another company.
I believe that the reason a lot of financial consultants are not dealing with DB is that they are running scared of the FCA with regards to advice and the cost of PII, which the insurance companies have hiked due to potential claims on DB.
I do believe that if someone knows what they want, then it should be up to them what they do with their money and not for a financial consultant to determine the direction of your life.
Name and address supplied
Paid in enough already
Following your article ‘Date set for appeal hearing on women’s pensions’ (March 3). My wife is one of these women and it is utterly unfair.
We are losing out on more than £50,000 and my wife, who was looking forward to a well-deserved retirement, has had to get a part-time job.
We agree that retirement ages need to be the same but how they have done it has left many in poverty and in need of help or having to find work when they were looking forward to retirement.
My wife has paid enough into the system.
Name and address supplied
