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

Mis-Sold Final Salary Pension Claims

Get Claims Advice are specialists in final salary pension transfer claims, and other types of mis-sold pension claims, always operating on a No Win – No Fee* basis.

If you transferred a defined benefit pension then you may have been mis-sold, which could risk your retirement plans. Our pension claims process is built on our successful experience in claiming back over £59Million* for our clients.

It all starts with a completely free initial assessment to see if you are eligible.

Request a free call back now

What are final salary pension transfer claims?

Final salary pensions come with valuable benefits, including a guaranteed income for life in retirement, and transferring them is often the result of bad financial advice. A final salary pension transfer claim is a chance to get compensation for the mis-selling of the pension transfer.

Defined Benefit pensions like these are considered to be some of the most secure pensions available, often protecting your family too with valuable death benefits.

While transferring away for them may be suitable for some people in some irregular circumstances, many people are told to transfer due to negligent pension transfer advice.

Pension mis-selling is now all over the news, with the financial watchdogs at the FCA cracking down on bad final salary pension transfers.

Compensation for final salary pension transfers is on the increase too, with the Financial Ombudsman reporting a 44% increase in complaints about Defined Benefit pensions in 2018/2019 from the previous year.

Many people are claiming thousands for mis-sold final salary pension transfers away from schemes like local council pensions and the NHS, 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 is individual, and needs to be treated as such. Every mis-sold pension claim story involves different people, different advice and different amounts, but broadly speaking, how much compensation you may get depends on how much you’ve potentially lost.

Here’s just a few of the factors that may go into calculating each compensation amount for a successful claim:

  • Is the new pension matching the ‘Critical Yield’?
    The Critical Yield is the percentage that your new pension has to grow by each and every year to match your old pension.
    Remember, final salary pensions offer a guaranteed income in retirement, and your new pension needs to be able to grow to match or beat it. Often, these percentages are high, meaning the new pension has to take on greater risks in order to try to match the old one.
  • What is your attitude to risk?
    Not everyone is comfortable with risk. In transferring a final salary pension, you most likely added more risk to your retirement income through the loss of your benefits.
    Depending on the investments you made, you may have put your pension fund at further risk, as some are not regulated by the FCA.
  • Any other pensions you have?
    Was this your only pension that you transferred? If so, you may have ended up with an all-your-eggs-in-one-basket situation, and then put that basket at risk.
  • How long is left before you retire?
    Your time to retirement is a factor on how fast you may be able to recover from a mis-sold pension. Do you still have an income?
  • Was the transfer explained properly?
    We can’t all be experts in pensions, but your adviser should have thoroughly explained the pros AND cons of a final salary pension transfer, so you can make an informed decision.
  • What is the impact?
    What impact has the pension transfer had on the person’s retirement prospects?
    What is the loss of the guaranteed annuity terms worth? What is the potential loss on the tax-free cash entitlement? What money has been lost? Has any money been lost through the transfer because of fees? Investment losses?

Start your claim with us

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.

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?

Pension mis-selling is not usually a criminal act as defined by UK law, but a breach of the regulator’s rules which can carry consequences such as fines, being forced to pay compensation, and the removal of authorisation to give pension advice.

In 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, and it can be 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.

Mis-sold pension claim templates are sometimes available online to help you get a better picture.

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

Get Claims Advice has recovered over £50m* 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?

A huge number of the mis-sold pension claims we deal with at Get Claims Advice started 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.