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Your guide to claims for delays in defined benefit pensions transfers

We at Get Claims Advice are mis-sold pension experts. We specialise in final salary claims, mis-sold SIPPs (self-invested personal pensions), annuities claims and more.

Our experienced case handlers are always on-hand to help. We’ll listen to your pension story, offer clear and transparent advice, and discover if we can move your claim forward.

We can offer support and guidance for claims regarding delays in defined benefit pension transfers too, which can lead to drastic losses for clients.

 

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Could you make a claim on a transfer delay?

If you have experienced delays in transferring your defined benefit pension and lost money as a result, you may have a claim.
You could be owed compensation if you:

  • Transferred your defined benefit pension
  • Aren’t an experienced investor
  • Suffered losses as a result of delays in the pension transfer
  • The return on your investment fell as a result of delays
  • You were guaranteed a return on investment by financial advisers

If any of the above apply to you, it doesn’t mean you’re guaranteed compensation, but you may still be able to make a claim.

That’s where we can help you. Our experienced case handlers are always happy to hear a pension story and will explore what options are available to you.

For a FREE initial assessment of your claim, you can contact us here.

Make A Mis-Sold Pension Claim

Fill in the form below and one of our team will be in touch for a free, friendly, no-obligation chat to assess your situation.

We’ll go through your options, your rights to making a claim and discuss how we can move forward. And don’t worry, this a free assessment and we don’t take any up-front costs.

Get Claims Advice are a claims management company. 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 is a transfer delay in pensions?

A transfer delay happens when someone has chosen to transfer their defined benefit pension, but suffers a financial loss as a result of a delay in the transfer of their pension.

“Mrs F” is an example case of a transfer delay. Mrs F decided to transfer benefits from her pension scheme on the advice of financial advisers.

Mrs F’s advisers requested a cash equivalent transfer value (CETV), which helps inform both the adviser and the client, Mrs F, about how lucrative her defined benefit pension transfer would be.

However, because of various delays, the CETV was recalculated. Mrs F was charged a fee for this and the CETV was reduced – lowering the value of the transfer initially presented to Mrs F.

In the end, because of the delay, Mrs F estimated her losses to be an eye-watering £87,000.

 

What is a defined benefit pension transfer?

Defined benefit pension transfer, also known as final salary pension transfers, are when people decide to invest their pensions into other services or products on the proviso that they’ll see a handsome return on their investment.

Sadly, this isn’t always the case. Due to mis-leading or negligent information and advice from financial advisers, many people end up transferring their pension and losing money.

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How can you make a transfer delay claim?

The good news is, there are a number of options available to you.

You can make a claim yourself by contacting the firm for free or by using the Financial Ombudsman Service or Financial Services Compensation Scheme if it falls in their remit.

Or you can contact a team member at Get Claims Advice. The big advantage to this is that our experienced and knowledgeable team will give you bespoke advice and handle the claim on your behalf.

We’ll look at your case individually to discover if we think you can make a claim and then, if we can proceed your claim, work to get you the best result we can.

 

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