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Home / Mis-Sold Pensions / Final Salary Pension Transfer Claims / Did You Transfer Away From The Electricity Supply Pension Scheme?

Did You Transfer Away From The Electricity Supply Pension Scheme?

Can you make a claim for a mis-sold pension transfer?

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

THE ELECTRICITY SUPPLY PENSION SCHEME

If you joined the Electricity Supply Pension Scheme before April 2006, then that chances are you joined the Defined Benefits section, offering your a final salary type pension to retire on.

But perhaps more importantly, if you’ve transferred that pension into a private scheme, you may have lost money in the long run, and may have been mis-sold.

This is because Defined Benefit pensions like those on offer from the Electricity Supply Pension Scheme Defined Benefit section come with some pretty hard-to-beat benefits, such as the promise of a guaranteed income for the whole of retirement, no matter how long you live for.

WHO IS ENTITLED TO AN ELECTRICITY SUPPLY FINAL SALARY PENSION?

The scheme was opened in the 1990’s following the privatisation of the electricity industry, and if you worked for one of the participating electricity businesses before April 2006, the chances are you may well have/have had one of these pensions.

But many people are likely to have transferred away from the scheme, tempted by the idea of trying to earn more money for retirement by risking their otherwise secure pension on an often volatile market.

CAN PEOPLE MAKE A CLAIM FOR A NEGLIGENT PENSION TRANSFER?

If a case can be put forward that shows the transfer happened because of negligent financial advice from a regulated advisers, and the transfer is likely not in the individuals best interests, then yes, a claim may be a way forward.

The FCA has a set of extensive and strict rules about what makes a final salary pension transfer a suitable option. In most cases, it is up to a financial adviser to follow these rules to test the suitability of any proposed transfer, always starting from the assumption that it would be the wrong decision and working from there.

But as with most Final Salary pension schemes, there are often advisers in the picture who may avoid some of these rules, or simply apply them negligently, meaning that people who would have been better off staying in the scheme end up transferring away, putting their retirement at more risk than they might realise, and earning that adviser a tidy fee.

Studies have shown that people who transfer their final salary pensions as early as ten years before they intend to retire, may lose up to 50% of their total pension value in the long run, as the new pension will not likely promise a guaranteed income, and losses may be made through the investments market.

HOW CAN PEOPLE FIND OUT IF THEY CAN MAKE A CLAIM?

Get Claims Advice offer a FREE initial assessment to test of signs of pension mis-selling, including for former members of the Electricity Supply Pension Scheme Defined Benefit section: a free chat with a specialist case assessor to examine the advice you received leading up to your transfer, to see if a claim for a mis-sold final salary pension transfer can be made.

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 Final Salary Claims.

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Think you’ve been mis-sold your British Steel 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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