The Strathclyde pension fund is a Scottish defined benefits retirement scheme, for which many Scottish-based employers are signed up for, including many local councils and many other public institutions.
Depending on when scheme members joined the Strathclyde pension fund, some may be entitled to rare and extremely valuable ‘Final Salary’ pensions, which promise a guaranteed income in retirement based on the salary they finish their career on.
Not just valuable, but pretty rare these days! Many final salary pension schemes are now closed to new members because they promise so much to scheme members.
While private pensions are often not guaranteed and expose the retirement fund to a comparatively large amount of risk, final salary schemes are guaranteed to pay out right through retirement. Index linked, they also come with many benefits such as death-in-service benefits that may pay out to a spouse if the scheme members dies before drawing on it.
Transferring a final salary pension away from a scheme like the Strathclyde pension fund is rarely considered to be a good idea if the financial adviser is following the rules, set out by the FCA, which say that there are only certain circumstances where such a move would be suitable.
If you were persuaded by a financial adviser that a final salary pension transfer was the right decision for you, then you may have been mis-sold.
Get Claims Advice Ltd offer a FREE initial claims assessment to test your case for signs of pension mis-selling, to see if you can make a claim eith no upfront costs!
Please note: you have an initial cooling off period of 14 days, if you cancel outside of this period you may be charged for the work carried out and if we have already submitted your claim, which results in an offer of compensation subsequently being made, we will charge our full fee as per our T&Cs – our fee is 20% + VAT – a total of 24%.
Speak with a Claims HandlerIf you needed any more reason to choose Get Claims Advice, we’re experienced with defined benefit claims.
VIEW EXAMPLEThink you’ve been mis-sold your pension transfer? Click below to take the first step to making a claim
MAKE A CLAIMMoving 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: