We often hear from people who have been encouraged to invest in agricultural products such as land and machinery.
With some financial advisors promising high returns on this type of investment, many people have used 2015’s pension freedom reforms to throw a lifetime of savings at agricultural products, under the impression that they’d be able to build their wealth with as little risk as possible.
However, not only have many of these people been left with underperforming assets, some have lost all the savings that they’d worked hard to build up over the course of their working lives.
In 2015 dramatic changes were made to the way private pensions could be accessed and retirement savings could be withdrawn.
In a bid to give people greater freedom and control over their retirement savings, the government announced that anyone aged 55 and over could access their private pension, either as a lump sum or in installments.
The first 25% would be tax-free and the rest would be taxed at the individual’s income tax rate as if it were a salary.
Although many people celebrated the changes and applauded the government for giving them greater flexibility and control over their savings, thousands of people felt pressure to invest their retirement savings in an effort to maximise their return.
Some people invested in legitimate funds and saw their wealth grow, but others have been duped into pouring their life savings into badly managed investments. In the most severe cases, we’ve seen people falling victim to full-on scams created by con artists with no concern for the welfare of hard working retirees.
Whether your financial advisor failed to warn you of the risks or you were promised specific returns only to find yourself losing money, we can help.
We hate seeing hard working people reach retirement only to find that a lifetime of saving has gone to waste. That’s why we work hard to fight this injustice and obtain financial redress for our clients affected by mis-sold agricultural products.