For years and years, the final salary scheme has been seen as the gold standard of pensions and one that offers the ultimate in security in retirement. However, thanks to the pension reforms of 2015, which opened up the pension market, over the last couple of years more and more people have been badly advised and convinced to transfer their pensions out of final salary schemes and into money purchase schemes or Sipp’s. In 99% of cases this was bad advice and would therefore qualify for up to £150,000 of compensation.
Final salary schemes used to be more common, but in recent years they have been offered mainly to those in high paying jobs or those in public service. Consequently, there are a wide range of public service employees such as NHS workers, police officers, railway workers, civil servants, teachers, firefighters and those in the armed forces and a wide range of ex-employees of blue-chip companies who have these schemes and who may have been talked into giving them up for other, inferior personal pension products.
Mis-Sold Pension Transfer
Ever since the pension market opened up in 2015 more and more people have been poorly advised to transfer their pensions out of final salary schemes and into private pensions or Sipp’s. In 99% of cases this was awful advice and led to people losing some, if not all, of their pension. Because final salary schemes were spread across those in blue-chip companies and also those in public service jobs, there are wide range of employees affected – from police officers, NHS workers, railway workers, teachers, civil servants, firefighters and those in the armed forces – and who have, because of bad advice, ended up with inferior personal pension products. Thankfully however, there is compensation available to anyone who has been mis-sold in this way and claiming this pension compensation can restore the deficit in people’s retirement plans.
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How Would I Know If I Am Eligible for Pension Transfer Compensation?
If you suspect you might have been given bad advice on your pension transfer, you should get in touch today. Here at Portfolio Legal we have a specialist team that works only on mis-sold pension compensation and has done for years. Consequently, you can rest assured that if the advice you were given was wrong, we will be able to begin working right away on getting you the full compensation you deserve. It doesn’t matter what form the bad advice came in (we’ve seen it all,) from transferring out of final salary schemes to moving into SiPP’s based on ‘non standard’ investments – such as forestry, storage pods or overseas property – to not doing due diligence on financial circumstances or health issues, all that matters is whether your financial advisor steered you in a bad direction. If they did, you will be eligible for compensation.
Ok, Sounds Great. How Do I Claim Then?
If you’re keen to get started, simply call us on xxx or email us at xxx. Our team of legal experts, all experienced solicitors, will investigate your claim immediately and start working on getting you the maximum amount of compensation. We have spent years representing hundreds of clients who were advised to transfer their pension away from workplace schemes and in the process won them tens, and occasionally hundreds of thousands of pounds. We understand how devastating such losses can be, which is why we work with you every step of the way and keep you in the loop on the progress of your claim. We won’t charge you a penny and in the unlikely event that the claim is unsuccessful, you will never be charged. This no win, no fee approach means you don’t have to do anything or risk anything. Just relax and let us handle your claim.