Many working people have transferred the funds out of Final Salary Schemes into stock-based pensions. In almost every case, these pension transfers are riskier and only offer a temporary bonus at the cost of longer term benefits, meaning they are usually very valid mis sold pension transfer claims.
In many cases, firms were promoting high transfer rates solely in order to win multi-million pound pension schemes. Consequently, many pension transfers were mis-sold to people who really did not need one.
Final Salary Schemes
Final Salary Schemes, FSS, are provided by companies to their workers. FSS offer a guaranteed pension, raises in line with inflation, and a widow/widower’s pay-out. FSS are very stable and will provide you with a safe final pension when you retire.
Pension transfers demand that you relinquish your FSS benefits for an enticing one-off cash payment or to top-up your existing pension. In order to achieve this, the transfer moves you from your company pension to a personal pension plan. The new personal plan relies on investments in order to accumulate value and does not therefore provide you with the same guarantees and benefits as the FSS does.
Can you claim for a mis-sold pension transfer?
Pension transfer mis-selling goes right back to the 1980s, so you could still claim for something that happened many years ago. You could be entitled to claim compensation for a mis-sold pension transfer if:
You may also be able to claim successfully if you were incorrectly advised to transfer from a company pension scheme to a personal pension plan.
What should you do now?
If you think you may have been mis-sold a pension transfer, you should contact our helpful team of experts, in confidence for advice on whether you may have a claim.
Here at Financial Resolver we specialise in pursuing claims for many financial products including mis-sold pension transfers. We have been helping clients to successfully claim compensation for over three years. We operate on a no-win, no-fee basis, and we make no cancellation or up-front charges. If you are successful, we will charge a fee of 20% plus VAT.
We only pursue pension transfer claims that we believe to be credible and strong. If we feel that your mis sold pension transfer claim will not be successful, we will advise you accordingly.
If you have suffered a financial loss after receiving poor advice to purchase or transfer financial products from your broker, bank or Financial Advisor and wish to discuss making a claim then please call or email us today.
Mac Fin Consulting Limited t/a Financial Resolver is regulated by the Claims Management Regulator in respect of regulated claims management activities.
Its authorisation number is CRM31917. The registration is recorded on the website www.claimsregulation.gov.uk.
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