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 £50m* for our clients.
It all starts with a completely free initial assessment to see if you are eligible.Request a free call back now
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.
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.
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.
Finding out if you can claim may put you on a path to receiving thousands in compensation.Find out now for free
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:
Our pension claim process has evolved over the years, becoming as streamlined as it has been successful.
We’ll listen to your story and work out if you’re eligible to make a claim
We’ll send you a pack with all your information in, and sign you up on a No Win – No Fee* basis
Once your pack is returned, we really get going. We’ll be strategizing, writing letters to the parties involved, and building your claim.
We’ll present the results of your claim, hopefully an offer of compensation in the £1000’s like so many of our other clients.
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!
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.
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.
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.
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.
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.