Mr K was advised by Braemar Financial Planning, who were a member of IFA Network Limited, to transfer his Roche Pension Fund into a Scottish Equitable personal pension in 1997. Mr K transferred £7,544.06 from his scheme as he was starting a new job at the time and Braemar Financial Planning stated that he could not have two company pensions running at the same time; Mr K did not question this as he believed that these were the rules. This statement is incorrect. Mr K could have been a deferred member of his previous scheme which would have meant that he would have received a deferred pension and he could join the new company pension scheme.
Mr K informed Get Claims Advice that had Braemar Financial Planning clearly explained the transfer and the impact it would have on his retirement; he would not have transferred away. Mr K stated that Braemar Financial Planning did not explain the benefits that were attached to his previous scheme.
Get Claims Advice wrote to Sesame, who are responsible for investigating the complaint, with a letter of complaint due to the advice that Mr K received from Braemar Financial Planning. Sesame investigated Mr K’s complaint and concluded that had he understood the benefits he were giving up, he would not have transferred. Also, they stated that they do not believe that he should have taken a risk with this part of his pension arrangements.
Sesame completed their investigations and made an offer of £185,093.92; Mr K has since accepted their offer.