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Home / Mis-Sold Pensions / Final Salary Pension Transfer Claims / West Midlands Metropolitan Authorities Pension Fund

Did you transfer your pension away from the West Midlands Metropolitan Authorities Pension Fund?

Did you transfer your West Mids pension?

You may have been mis-sold. Fill out your contact info below and we’ll be in touch at the best time for you
NO OBLIGATION & COMPLETELY FREE!

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.

WEST MIDLANDS METROPOLITAN AUTHORITIES PENSION FUND

Like many local authority pension schemes, some of the memberships on offer form the West Midlands Metropolitan Authorities Pension Fund are Final Salary pensions – rare and valuable retirement plans that promise a guaranteed income in retirement.

The West Midlands pension fund was open to many employees of local councils in the area, and has over 300,000 scheme members as well as net assets exceeding £15.5bn, making it one of the biggest pension funds in the UK.

Backed by the Pension Protection Fund (PPF) up to 90% of a pension’s value, final salary pensions like those available through this scheme are considered to be some of the safest and securest ways to plan for retirement.

So why do people transfer final salary pensions?

TRANSFERS AWAY FROM THE WEST MIDLANDS METROPOLITAN AUTHORITIES PENSION FUND

Despite the range of benefits on offer from a final salary pension fund, there are some circumstances that may mean a transfer away from such as scheme is suitable.

Potential final salary pension transfers should always be assessed on a case-by-case basis by a financial adviser, starting from the assumption that the transfer is wrong and working from there.

For most people, a transfer should never really be on the table, as they stand to risk too many benefits for potentially little reward.

Yet every year thousands of people are persuaded to transfer away from valuable final salary pensions, into private schemes. In many cases, people are told they will be able to earn more money in retirement, and may even see their pot grow initially.

But while final salary pensions offer a guaranteed income in retirement, private pensions can be a finite source of income, and may run out. In worse cases, people’s entire pensions are lost in a volatile and merciless investment market.

NEGLIGENT PENSION TRANSFER ADVICE

The FCA, which regulates the financial services sector in the UK, has strict rules about who financial advisers can recommend a pension transfer to, including discussing the transfer and it’s potential impact in detail with each client so they understand the risk they will be exposing these pension to.

Sadly, many financial advisers either ignore these rules, or don’t follow them closely, sometimes influenced by the large fees that can be earned by transferring final salary pensions, even if it is not in their clients’ best interests.

CAN YOU CLAIM FOR A MIS-SOLD FINAL SALARY PENSION TRANSFER?

If you’ve been persuaded to move a pension away from the West Midlands pension fund, even if you think you had good reason to, it could be that you were mis-sold, and you may be able to make a claim on a No Win – No Fee* basis.

The team of Case Assessors at Get Claims Advice Ltd can help you find out, with our FREE Initial assessment service.

Just get in touch through our website to find out if you can make a claim.

Speak with a Claims Handler

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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Have a question about pension transfers?

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

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.

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:

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…
Compensation
INDEX LINKED Defined Benefits pensions are index-linked, in order to help them keep pace with inflation. Just one more reason why Defined Benefits are considered to be some of the most valuable pensions around.
High net worth individual
DEATH IN SERVICE 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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Can you make a claim?

We’ve recovered £million for our clients. Fill out your contact info below and we’ll be in touch at the best time for you

NO OBLIGATION & COMPLETELY FREE!

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.

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