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Home / Mis-Sold Pensions / Final Salary Pension Transfer Claims / Did You Transfer a UK Mineworkers Pension?

Did you transfer a UK mineworkers pension?

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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.

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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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…

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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.

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.

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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. Use the button below to see an example of a real life successful claim we\'ve made on behalf of one of our clients

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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:

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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…
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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