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MINEWORKER’S PENSION SCHEMES
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.
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 transfer 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 claim.
Get Claims Advice Ltd offer a FREE initial assessment to test your case for signs of pension mis-selling, to see if you can make a No Win – No Fee* claim.
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 defined benefit claims.
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