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Transfer claims for moving from the Transport For London TFL pension fund

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!

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WHY ARE DEFINED BENEFITS PENSIONS CONSIDERED GOOD?

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.

WHY DO PEOPLE TRANSFER?

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.

Can you claim for a mis-sold pension transfer?

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%. 

Have a question about pension transfer?

Ask us any question about your situation and we’ll be in touch at the best time for you – COMPLETELY FREE!

Get Claims Advice are a claims management company. You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

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.

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Think you’ve been mis-sold your British Steel pension transfer? Click below to take the first step to making a claim.

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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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