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Home / Mis-sold Pensions / Final Salary Pension Transfer Claims

Mis-Sold Final Salary Pension Claims

If you recently transferred a defined benefit pension, there’s a chance you were mis-sold, which means retirement plans could be at risk.

Fortunately, here at Get Claims Advice, we specialise in final salary pension transfer claims plus other types of mis-sold pension claims, and always operate on a No Win – No Fee basis*. And if you want to cancel our services, you’ll be able to do so within 14 days for free and without giving a reason.

Indeed, thanks to our successful pension claims process, we’ve already claimed back over **£60 million for our clients, before fees and taxes.

Want to find out if you’re eligible to make a claim?

Hit the button below to request a free initial assessment, and one of our team will be in touch.

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What are final salary pension transfer claims?

Because final salary pensions, also known as defined benefit pensions, offer outstanding benefits – including a guaranteed income for life in retirement – you should be wary of advisors that tells you to transfer.

You see, while transferring away from them may be suitable for some, many people are told to transfer due to negligent pension transfer advice.

A final salary pension transfer claim  gives you the chance to get compensation for the mis-selling of the transfer. And with pension mis-selling all over the news, plus FCA watchdogs cracking down on bad final salary pension transfers, so you shouldn’t delay.

Compensation for final salary pension transfers is on the up too, with the Financial Ombudsman reporting a 35% increase in Defined Benefit pension transfer complaints in October to December 2019 from the previous year.

Bottom line: right now, many people are claiming thousands for mis-sold final salary pension transfers away from schemes like local council pensions, steel, engineering and manufacturing.

Can you do the same?

Find out now if you have a claim

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Has my final salary pension transfer been mis-sold?

Even if your pension seems to be growing since you transferred it, you may still have lost money in a negligent transfer, or more in the long run due to the potential loss of your guaranteed income for life.

Final salary pension transfers aren’t usually for everyone, in fact in a 2018 targeted study by the FCA, less than 50% of the transfer cases they looked at were considered suitable!

If you’ve knowingly lost money through transferring due to your new pension investments, it may be an even bigger cause for concern.

If you:

  • Were advised to transfer your pension
  • Were told you’d be better off transferring

… then take a free initial assessment with one of our experienced case handlers to see if you can make a claim, just like Alan did to win back his retirement.

Finding out if you can claim may put you on a path to receiving thousands in compensation.

Find Out Now For Free

Did you transfer any of these pensions?

How much compensation could I be owed?

Each claim we investigate is different. And each case involves different people, advice and amounts. In general, though, how much compensation you get depends on how much you’ve potentially lost.

Here’s a few factors we look at when we calculate out claims:

  • Does the new pension match the Critical Yield?
    The ‘Critical Yield’ is the percentage your new pension has to grow each year to match your old pension. Because your final salary pension offers a guaranteed income in your retirement, your new pension will need to increase to match or beat it.
  • What is your attitude to risk?
    When you transfer a final salary pension, you might have added extra risk to your retirement income.
    And, depending on the investments you made, you might have put your pension fund at further risk, as some are not regulated by the FCA.
  • Do you have any other pensions?
    If so, you may have put your only source of income for retirement at risk.
  • Was the transfer explained properly?
    If your advisor didn’t explain the pros and cons of a final pension, you might not have been in a position to make an informed decision.
  • What is the impact?
    What impact has the pension transfer had on the person’s retirement prospects?
    What impact might the pension transfer have had on your retirement plans? How much is the loss of guaranteed annuity terms worth? What’s the potential loss on the tax-free cash entitlement? Has money been lost through the transfer due to fees??
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The Claims Process

Our pension claim process has evolved over the years, becoming as streamlined as it has been successful.

1. Free Initial Assessment

We’ll listen to your story and work out if you’re eligible to make a claim

2. Read & Sign Your Pack

We’ll send you a pack with all your information in, and sign you up on a No Win – No Fee* basis

3. We Get To Work

Once your pack is returned, we really get going. We’ll be strategizing, writing letters to the parties involved, and building your claim.

4. Your Claim Results

We’ll present the results of your claim, hopefully an offer of compensation in the £1000’s like so many of our other clients.

SIPP Claims

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Mis-sold Annuity Claims

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Pension Providers

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Final salary pension transfer claims FAQs

Is pension mis-selling illegal?

Although pension mis-selling is not usually a criminal act as defined by UK law, it is a breach of the regulator’s rules. Such a breach could carry consequences like fines, being forced to pay compensation, and the removal of authorisation to give pension advice.

Some pension ‘mis-selling cases’ involve complex fraud, and may be a mix of negligence and deceit on the part of a financial adviser or a fraudulent investment company.

But in most cases, it comes down to negligence on the part of the financial adviser, not following the rules correctly to ensure that a transfer is in the best interests of the client, leaving them out of pocket in the long run. Unfortunately, such cases are surprisingly common.

Who Does A Final Salary Pension Transfer Claim Go Against?

In most cases, the claim will be made against the advice given by the financial adviser involved. In cases where advice was given, financial advisers have the responsibility to collect enough information about their clients and give advice in their best interests accordingly.

Once we’ve built the claim, we first take it to the financial adviser if they are still running.

They can either uphold the complaint and offer compensation, or reject it.

If rejected, we can then take the claim to the Financial Ombudsman Service – an independent body who will decide if the claim is valid, and who may force the IFA to pay compensation.

If the financial adviser is no-longer trading, it may be that we take the claim to the Financial Services Compensation Scheme.
Of course, every final salary pension transfer claim is a little different, but generally claims end up with the adviser, the FOS or the FSCS.

And If you’d prefer, you can make a claim to your firm directly or go through the Financial Ombudsman Service, the Financial Services Compensation Scheme or The Pensions Ombudsman.

To help we have created a mis-sold pension claim templates available online to download to help you get a better picture and guide you through the process.

Whose Fault Is Pension Transfer Mis-Selling?

Financial advisers are supposed to collect enough information to advise of final salary transfers correctly, taking into account everything about the transfer to make sure it is suitable.

But many advisers give unsuitable advice.

Sometimes this is because they haven’t collected enough information, or because they’ve not done their due-diligence in checking out the new pension arrangements.

In some cases, they may have a conflict of interest and may benefit from the transfer, either through large advice fees, commissions or because of a vested interest in the receiving investment schemes.

Of course, other factors and parties may be involved, but generally the buck stops with the adviser who had the professional responsibility to make sure the transfer was in the client’s best interests.

How Does A Final Salary Pension Work?

A final salary pension is a type of defined benefit scheme, where members are awarded a guaranteed income in retirement based on their accrual rate, years of service and the salary they finish their career on.

They are free of charge for members, and considered to be one of the most valuable and widely suitable pensions around.

Chances Of Winning A Final Salary Pension Claim

Here at Get Claims Advice, we’ve already recovered over £60m*before fees and taxes from mis-sold pensions on behalf of our clients, many of which were wrongly advised to transfer their final salary pension.

If you (with or without help from Get Claims Advice) can prove that your financial adviser or new pension provider acted negligently and against FCA rules, compensation is likely.

All of our claims start with a free initial assessment, and operate on a No Win – No Fee* basis.

You can learn more about mis-sold final salary pension transfers through the UK financial services Regulator at the FCA.

I Transferred After A Cold-Call. Can I Still Claim?

Absolutely. In fact, a huge number of the mis-sold pension claims we deal with occur due when our client transferred after receiving a cold-call or ‘Free Pension Review’.

In many cases, the call came from an unregulated pension introducer – a marketing company whose job it was to generate new business for pension companies, advisers and investment companies.

Often, these companies are not FCA regulated, and a claim cannot be made against them. However, the chances are that if you were unsuitably advised to transfer a final salary pension , you may be able to make a claim against the financial adviser involved (if there was one) or the new pension company on due diligence grounds.