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Many people may have been persuaded to move away from the Transport For London pension fund, despite the many valuable benefits that it offered.
In some cases, this will have been a suitable decision, although these situation are rare (often because of a shortened life expectancy, with no dependents or spouse).
This is because TfL Pensions, like many other defined benefits pensions, are considered to be some of the safest around!
Good is often an understatement when it comes to final salary or career average pensions.
Defined Benefits schemes like these promise a guaranteed income in retirement – not something to be shrugged off when it comes to retirement planning. All the risks sits with the trustees at TfL, and pensions like these offer peace of mind in the form of death benefits: paying out a proportion of the pension to a spouse should the scheme member die before drawing on it.
While a handful of people may receive advice to transfer their Transport For London defined benefit pension that really is in their best interests, many people are persuaded to transfer such pensions for the wrong reasons.
Many marketing companies and financial advisers (who often stand to earn huge fees and commissions by persuading people to transfer) will often promise more money in retirement if people transfer, often to selected pension schemes and investments.
Sadly, it is not unheard of for people to wipe out their pension by transferring.
If you transferred your pension away from Transport for London, then you may have given up more benefits than was suitable for you, and may have taken negligent financial advice you can make a claim for.
To find out, contact the team of case handlers at Get Claims Advice for a FREE Initial assessment to see if you can make a claim on a no upfront cost basis.
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 Handler
Ask us any question about your situation and we’ll be in touch at the best time for you – COMPLETELY FREE!