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Find out how we helped Mr M win a life-changing amount of compensation

The problem

Mr M received advice directly from Pearl Assurance (now Phoenix Life) to transfer his Mineworker’s Pension Scheme into a personal pension with Pearl Assurance in 1990. 

Mr M transferred £5,991.51 from his scheme as he was advised that by transferring, the proposed new pension would be worth a minimum of £80,000.  

The prospects of this influenced Mr M’s decision to transfer as he was led to believe this would be a good retirement opportunity. 

Pearl Assurance failed to highlight to Mr M that this new scheme would have to perform particularly well to match the projected benefits of his Mineworker’s scheme and the guaranteed nature of the Mineworkers’ scheme was not disclosed. 

Mr M suffered a loss by transferring away from his final salary scheme. 

The solution

A complaint was sent to Phoenix Life in January 2021, emphasising the unsuitability of the advice Mr M received. 

The complaint was initially rejected by Phoenix Life on the basis that they alerted the client to the opportunity to review his pension in 1999 as part of the industry wide Pension Review.

Upon further investigation Get Claims Advice were able to disprove this allegation and supplied additional evidence for Phoenix Life to reassess their decision. 

The result

In May 2021, Phoenix Life confirmed to have taken this evidence into account and offered compensation in the sum of £187,163.18 to Mr M for the advice he received.

At Get Claims Advice, we’ve made 1000s of successful claims before fees and taxes on behalf of our clients, totalling over £70m. Contact us today for a FREE no obligation chat or find out more about mis-sold pensions here.