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Home / Mis-Sold Pensions / Final Salary Pension Transfer Claims / Did you transfer your local authority pension?

Could your local authority pension transfer have been a mistake?

Thousands have been mis-sold: can you claim?

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

NO OBLIGATION & 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.

WHY LOCAL AUTHORITY PENSIONS ARE CONSIDERED VALUABLE

Hundreds of thousands of people from all over the UK were awarded valuable local authority pensions for their service to their country and local communities. Not generally to be sniffed at, these government-backed pensions are often a type of defined benefit pension scheme, offering scheme members the promise of a guaranteed income in retirement, often based on either their final salary, or career average salary, and their length of service.

Unlike many private pension schemes, local authority pensions are set to pay-out to scheme members for their entire life, right the way through retirement, leaving less for members to worry about when it comes to retirement planning.

They also pay out death benefits to spouses or dependents if the scheme member dies before retiring, making them particularly valuable and offering peace of mind.

So why do people transfer local council pensions?

TRANSFERRING LOCAL AUTHORITY PENSION BENEFITS

If a person is considering transferring their local authority pension (often because they have already been told it might be a good idea by a pension review company), they will likely request a transfer valuation; a CETV or Cash Equivalent Transfer Valuation.

As with many final salary schemes, some current and former local authorities did just that, and received a valuation that looked great, making them think that by transferring and re-investing the money, they may get more in retirement.

This could be true! But not without exposing the money to plenty of risk.

When the local authority pension benefits remain with the scheme, the promise of a guaranteed income in retirement remains. Once the money leaves the scheme, it is unlikely that a valid promise of a guaranteed income remains.

The investments market can be a harsh place, and for people who don’t know their way around it, high-risk investments and scams represent some serious pitfalls – ones we’ve sadly seen many people fall into after transferring a local authority pension.

If trying to earn more money for retirement is the only reason for a transfer, then it could be down to negligent pension transfer advice…

NEGLIGENT TRANSFER ADVICE

Of course, there are a few good reasons to transfer from a local authority pension scheme, but these situations are rare. Financial advisers are supposed to follow strict suitability rules and assess each transfer enquiry on a case-by-case basis. They must not allow large fees and commission to influence their decision, advising only in their client’s best interests.

If financial advisers always followed these rules, then few people would transfer away final salary benefits and from other local authority pension schemes.

But each year, tens of thousands of people receive advice to transfer, which often puts their retirements at risk, usually without them realising.

CAN YOU CLAIM FOR A MIS-SOLD PENSION TRANSFER?

If you’re transferred any sort of local authority pension after a free pension review, or on the advice of a financial adviser, then you may have been mis-sold.

We offer a FREE initial assessment for anybody with concerns, although we’re particularly interested in speaking to people who have transferred away from the following local authority pension schemes:

Greater Manchester Pension Fund
West Yorkshire Pension Fund
Merseyside Pension Fund
Strathclyde Pension Fund
West Midlands Metropolitan Authorities Pension Fund

Speak with a Claims Handler

Did you know, we’re specialists in mis-sold pension transfer claims?

If you needed any more reason to choose Get Claims Advice, we’re experienced with Final Salary Claims.

View Example

Ready to make a claim?

Think you’ve been mis-sold your British Steel pension transfer? Click below to take the first step to making a claim.

Make a Claim

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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