The news in March 2018 that BT was shuttering its Final Salary Pension Scheme (BTPS) was unlikely to be welcome news from pension scheme members, but did you know that leaving any sort of Defined Benefit pension scheme is rarely the right choice?
Defined Benefits and Final Salary pension schemes are rare these days because of how much they cost to operate – indeed, in Jan 2018 it was reported that BTPS potentially had a £14bn deficit.
But regardless of the “culture of fear” that’s been developing around many Final Salary schemes, they are still some of the safest pension schemes around, practically guaranteeing an income in retirement that keeps pace with inflation, and come with numerous benefits not easily replaced.
While news of deficits can be concerning, the risk and responsibility of running the BT final salary and DB pension schemes always rested with the trustees, not the pension holders.
If you transferred your pension away from BT, that risk then falls on your own shoulders, and your pension could be at the mercy of the markets. If you took particularly bad financial advice, that level of risk could be too much for you to undertake.
The FCA believes that less than 50% of the transfers from DB schemes were actually suitable for the pension holder, meaning you could have been mis-sold your transfer.
If you transferred your BT pension away, then it could be worth checking to see if you can make a claim.
Get Claims Advice are specialists in mis-sold pension claims, and are no strangers to claims for final salary pension transfers, always working on a No Win – No Fee* basis for our clients.
Just get in touch for a FREE Initial Assessment to see if you can make a claim.Speak with a Claims Handler
Ask us any question about your situation and we’ll be in touch at the best time for you – COMPLETELY FREE!