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

Did you transfer away from Barclays Bank UK Retirement Fund – DB section?

You may be able to make a claim – contact our team!

You may have been mis-sold. Fill out your contact info below and we’ll be in touch at the best time for you

NO OBLIGATION & COMPLETELY FREE!

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.

BARCLAYS BANK DEFINED BENEFIT PENSION SCHEMES

Were you awarded membership of the Barclays Bank UK Retirement Fund – DB section as part of your employment with Barclays?

Final salary pension schemes are pretty rare these days, and are often considered to be some of the safest and most valuable pensions around, with the promise of a guaranteed income for life in retirement.

Schemes like these are rarely open to new members anymore, and if you have had a Barclays Bank defined benefit pension scheme, but were persuaded to move it, you may have received negligent financial advice to do so.

FINAL SALARY PENSION TRANSFERS COULD SHAVE THOUSANDS FROM A RETIREMENT FUND

Recent studies have shown that those that transfer their final salary pension as much as 10 years before they intend to retire, could lose almost 50% of their pension benefits over time.

This is because while a final salary pension like some of those on offer from Barclays is guaranteed to pay out right through retirement until death, a private pension may run out. Even if someone were to grow their pension pot by moving to a private scheme, that money may be finite and run out, or they could be offered an annuity that didn’t match their accrual rate, meaning they are paid less than the final salary scheme would have paid out.

In worse cases, people have been known to transfer their pension and then lose hundreds of thousands in a volatile investment market, as funds unexpectedly struggle or collapse.

In a private scheme, all that risk rests on the shoulders of the scheme holder, whereas within the Final Salary scheme, it is up to the trustees to find the money to honour the pension income.

Furthermore, a private scheme will cost the pension holder to run in annual fees.

NEGLIGENT TRANSFER ADVICE

Over the past few years, several financial advisers were found to have broken or ignored the FCA’s rules about giving pension advice, leading many people to transfer their Final Salary pensions when it was not apparently in their best interests to do so.

These rules mean that advisers should be making recommendations on a case-by-case basis only, ensuring there is enough reason to move the pension (which is rare), and starting from the assumption that the transfer is wrong in the first place.

Several financial advisers have had their permission to give final salary pension transfer advice taken away as a result, and many people have been compensated for the bad advice they received.

CAN YOU CLAIM FOR A MIS-SOLD FINAL SALARY PENSION TRANSFER?

If you’ve been persuaded to move your Barclays final salary pension, even if you think you had good reason to, it could be that you were mis-sold, and you may be able to make a claim on a No Win – No Fee* basis.

The team of Case Assessors at Get Claims Advice Ltd can help you find out, with our FREE Initial assessment service.

Just get in touch through our website to find out if you can make a claim.

Speak with a Claims Handler

Did you know, we’re specialists in mis-sold pension transfers?

If you needed any more reason to choose Get Claims Advice, we’re experienced with defined benefit claims.

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Think you’ve been mis-sold your pension transfer? Click below to take the first step to making a claim

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Have a question about pension transfer?

Ask us any question about your situation and we’ll be in touch at the best time for you – COMPLETELY FREE!

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.

What makes a pension transfer mis-sold?

Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations. While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped:

Speak with a Claims Handler
a Sophisticated investor
INCOME IN RETIREMENT Final Salary & other defined benefits pensions practically guarantee you an income in retirement. Does your new pension do that? Doubtful…
Compensation
INFLATION Defined Benefits pensions tend to keep pace with inflation, meaning no matter what happens to the economy, you’re retirement income is better protected.
High net worth individual
DEATH BENEFITS These types of pensions usually end up with your partner or children if you die early. Many personal pensions give no-such benefits.

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