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Did You Transfer A UK Mineworkers Pension?

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Mining has traditionally been a tough but essential job to keep the cogs of industry in the UK whirring, and as a result, UK miners are often offered some fairly excellent pension benefits: a mineworkers pension. Many mineworker’s pensions in the UK are Defined Benefits pensions, such as Final Salary schemes. Considered rare and valuable in today’s society, pensions like these promise a guaranteed income in retirement, one that is index linked and will pay out for the whole of retirement, no matter how long you live. Safe, secure and costing nothing to the scheme member, they are protected by the Pension Protection Fund up to 90% of their value. They also often come with death in service benefits, paying up to 50% of a pension to a spouse if the scheme member dies before drawing it.

If you’ve transferred your mineworkers pension you may be able to make a claim. Use the button below to speak with a specialist about your situation.

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If you transferred your mineworker’s pension, you may be able to claim. Speak with a specialist for free to discuss your options.

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Why Do People Transfer Mineworker’s Pensions?

Don’t get us wrong, there ARE some good reasons to transfer away from a final salary pension scheme, such as a terminal illness that means a guaranteed income for life becomes less important, and even then, only if there is no spouse or dependent children, and usually other factors would be considered before green-lighting a move.

But these reasons are rare, and there usually needs to be more than one reason to justify giving up such rare and valuable benefits.

Yet many people have received advice to transfer their final salary benefits from their miner’s pension scheme, often netting financial advisers thousands in advice fees for the transfer.

Promises of more money in retirement by making higher risk investments, or access to tax free cash can be mis-leading, and studies have shown that many people will lose more money in the long run by transferring than they might realise…

Claims For Negligent Pension Transfers From Mining Pensions

Financial advisers have a long list of rules they are supposed to follow when advising on the suitability of a final salary pension transfer.

But a mix of negligence and tempting advice fees mean that these rules aren’t always followed, leading to people making transfers that may seem to make sense, but ultimately may not be in the individual’s best interest. Scary looking stories about pension deficits and problems, as well as high transfer valuations often add to the mix.

If a financial adviser didn’t follow the rules when they transferred a mineworker’s pension, then they may be held accountable with a claim.

Can You Claim For A Mis-Sold Final Salary Pension Transfer?

If you’ve transferred your mineworker’s pension, then you may have lost money in the long run, may have been mis-sold, and may be able to make a pension transfer claim.

Spencer Churchill Claims Advice offer a FREE initial assessment to test your case for signs of pension mis-selling, to see if you can make a claim with no upfront costs!

Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.

*Figures calculated before deduction of Success Fee and taxes

Do you know how people complained about mis-sold investments and pensions in the last year?

A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.

People receive poor financial advice every day. Sometimes they don’t even realise that they’re owed whopping amounts of compensation.
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Have You Been A Victim Of Financial Mis-Selling?

Answer a few questions and find out if you have good grounds to make a financial compensation claim:

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Were you told to invest all, or most, of your savings into a single product?

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But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.

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Speak to an expert today

We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat. 

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