Did you transfer your armed forces pension?
WHAT ARE ARMED FORCES PENSIONS
Armed Forces Pensions are government pensions awarded to those who served or who are serving in a branch of the British Armed Forces – usually the Army, Navy or Airforce.
Because of the dedication, level of service, physical and lifestyle costs and sacrifices of MOD personnel, these pensions are often a little better than most of the ones you might find in “civvy” life, and some may even be super-valuable Final Salary Pensions.
These pensions are guaranteed to payout for the rest of your retirement once you reach the right age, keep pace with inflation, and don’t cost you to run them.
So why do some people get persuaded to transfer them away?
Many people, especially when they leave the military, think about what to do with their pension. For most, the right decision will be to leave it where it is, safe for when the time comes. But many others will be persuaded to transfer their military pension in the hope of realising tax-free cash, or earning more for retirement in a personal pension.
What they are often not told about are the risks.
With a private pension, the money earned is at the mercy of the market, and pension pots can go down as well as up. Not only that, but private pensions are a limited pot. In retirement, once that money is gone, it really is gone. This makes them different to Final Salary and other “defined benefit” pensions, which will continue to pay out until the death of the scheme member, whatever their age.
While there are some rare circumstances where an armed forces pension transfer might be deemed suitable (such as terminal illness or remaining unmarried), many transfers will have been unsuitable, and down to the negligence of a financial adviser who may have left pension holders worse off in life.
MIS-SOLD FORCES PENSION TRANSFER CLAIMS
If you transferred your British Armed Forces Pension to a private scheme, you may have been mis-sold, leaving you less well off in retirement, even if your pot seems to have grown dramatically for the moment.
For those that took financial advice in order to make this happen, there could be a way to get justice with a winning claim.
To check, get in touch with Get Claims Advice for a FREE Initial Assessment – a chat with one of our dedicated case assessors who can usually spot a mis-sold pension transfer.
If they do feel you may have been mis-sold, we may be able to help you make a claim on a No Win – No Fee* basis, to help you recover some of the losses you will later experience from having transferred your pension.
Book a free initial assessment today by calling 01204 205 061, or using one of the contact forms on the website.
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 Final Salary Claims.
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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 realised.
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