The Financial Ombudsman Service has ordered Succession Wealth to pay £500 compensation to a client after a complaint against it was upheld finding that incorrect pension advice caused ‘considerable distress, upset and worry'.
The case centred on advice given to Mrs G following the death of her husband, after she inherited a dependent's pension. In the 2024 Autumn Budget, the government announced proposals to bring unused pension funds into a pension holder's estate for inheritance tax (IHT) purposes from 2027. Concerned about the implications for her children, Mrs G contacted her adviser to ask whether she could gift money from her pension before reaching the age of 75. According to the FOS' decision, Mrs G asked whether she could give "some of the pension to the kids before I'm 75….and as long as I live f...
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