Did you transfer a Jaguar Land Rover Pension?

JAGUAR LAND ROVER PENSION SCHEMES

Jaguar Land Rover, which formed back in 2008 when the two famous car brands merged, remains an iconic UK brand, that rewards many of it’s past and present employees with a Defined Benefits pension scheme through the Jaguar Land Rover pensions schemes – a promise of a guaranteed income in retirement, based on their salary.

Not only that, but defined benefits pensions cost nothing for scheme members to run, are protected up to 90% of their value by the PPF. They also often come with valuable Death In Service benefits too, which may pay out as much as 50% to a spouse if the scheme member dies before they retire.

Considered ‘Gold Plated’ pensions, defined benefits pensions should only be transferred in certain fairly rare circumstances, as doing so will almost certainly expose the pension to more risk than would be suitable, and the irrevocable loss of benefits.

But despite these benefits, many people are persuaded to transfer their defined benefits pension, and often, this is down to negligent pension advice.

LEAVING THE JAGUAR LAND ROVER DEFINED BENEFITS PENSION SCHEMES

If you’ve left either the Jaguar defined benefit scheme, or the Land Rover defined benefit scheme, then you may want to review the advice you received to see if it was truly right for you.

The FCA, that makes the rules about transferring from defined benefits pensions such as these, says that financial advisers should start from the assumption that a transfer is the wrong decision, and to PROVE that it isn’t on a case by case basis in order to make the recommendation.

This is because any transfer of a final salary or career average pension is going to expose that retirement fund to risk, usually more than most people should be undertaking considering the relatively safety of the original pension.

Over the past few years, many financial advisers have been quizzed about the pension transfer advice they have been given, and others have had their ability to give advice suspended or taken away.

QUESTIONING YOUR TRANSFER ADVICE

If you transferred your Jaguar Land Rover pension on the advice of a financial adviser, after a free pension review, or after feeling pressured to do so, then you may have been mis-sold.

While many people will have been told they can get more money in retirement by transferring, this may not be the case, as recent studies have shown.

Defined benefits transfers put pensions at risk. Find out if you can make a claim with a FREE initial assessment with the team at Get Claims Advice Ltd.