“We had final salary pensions and our financial advisor, he was involved in transferring it into a SIPP.”
Mrs. C had a local Government Pension Scheme, in other words, a Defined Benefit (DB) or Final Salary Pension Scheme. A type of pension that is seldom seen in private sectors anymore, it comes with a whole host of guaranteed benefits that other pensions don’t always have.
“He invested the money and he lost 52,000 or something”
She used a company called The Matrix Model Group to review her pensions and they assisted in placing her pension into a SIPP. Unbeknownst to Mrs. C The Matrix Model didn’t have the permissions to advise on final salary pensions, so a second company called Financial Limited was drafted in.
“I’d had lots of problems that weren’t going anywhere. We were trying to reclaim some money. We tried to go down the legal route and everything was getting thrown back in our faces.”
Mrs. C tried to put a formal complaint into the Financial Services Compensation Scheme herself but they ruled against her as they believed the advice came from The Matrix Model “they knocked us back and said no you’re not entitled to anything.”
“I saw something on the website so I rang up and explained the situation and they said yeah I think we can help”
Mrs C found herself on the website of mis-sold pensions experts, Get Claims Advice, and could see some information relating to her situation and decided to give us a call to see if we could help. Thankfully she had a wealth of information and paperwork and we could jump right on the case! “I don’t throw anything away!”
“When Ryan took over, then it seemed to get some momentum.”
Mrs C. Eventually found her way into the care of one of our case mangers, Ryan. He was able to see that the FSCS failed to see the advice had actually came from Financial Limited, and provided a Suitability Report conducted by them on Julie’s pension to the FSCS as evidence.
“Initially I thought ‘Great! We’ve got something back.’”
The FSCS found in favour of Mrs. C and Ryans argument and they awarded her the maximum amount available: £50,000.
“…Ryan told us we were actually 430,000 out of pocket… …you know what I mean because it’s a final salary scheme.”
Mrs. C’s losses exceeded the maximum value that she could receive from the FSCS because of the guarantees attached to her final salary pension and how those are calculated, her actual pensionable loss exceeded £430,000.
“I’m trying to keep hold of it”
Mrs C. Is looking to keep hold of the money she received from her claim and invest it carefully. Right now she has it in an ISA but is cautious of being in the same situation again. “I don’t want to be in the same situation where we’ve lost everything.