| I took early retiremant from the Met police 3 years ago.I have a final salary pension from the police, but I also got a lump sum.I have always fancied dabbling in stocks and shares so I spoke to three different financial advisers.I told them I fancied buying into banking shares, and all of them told me I must be mad.All advised me to stay well away from British banks as that sector was extremely volatile, and I would probably lose my money.I ended up taking the advice of one of the advisers who seemed to know what he was talking about and invested in the shares he suggested which were in oil and mining.I lost over £1000 in the first day, and the prices were still tumbling so I took all my money out of those shares and bought banking stock instead.All of banks I bought shares in have shown a good profit especially Bank of Ireland.When I bought them, the shares were 7p each.The shares I bought in BoE cost £17500.Those shares today are worth £70000.If you are making choices for your pension, make sure you have the very best advice available.I expect financial advisors will be springing up all over the place now that people have access to their pension pots.Make sure you go to a long established company to give you advice, and check them out thoroughly before parting with your pot. |