You may have been mis-sold. Fill out your contact info below and we’ll be in touch at the best time for you
One of the fairly common rewards for working on behalf of a local council or government scheme is a valuable Defined Benefit pension, sometimes even a Final Salary pension. In the case of people who worked for local authorities in West Yorkshire, this was usually provided by the West Yorkshire Pension Fund Pension Scheme.
Final Salary pensions are considered safe and valuable, because they promise a guaranteed income in retirement, one that won’t run out before the member dies no matter how long they live.
They don’t cost the member to run either, and are protected up to 90% of their value by the Pension Protection fund.
Final salary pension schemes like those from the West Yorkshire Pension Fund Pension Scheme represent relative certainty when it comes to retirement options – you know what you’re getting, and generally, you don’t need to worry about it.
So why do people transfer final salary pensions?
Let’s be clear, there are some situations where a final salary pension transfer might be in somebody’s best interests.
For instance, if they have a shortened life expectancy and therefore want a larger sum earlier, and don’t have a spouse or children to benefit from the pension if it stays where it is, this may be a reason to move it, if other factors are involved.
But these circumstances are rare.
In most cases, people move their local authority pension because they are told they could make more money by investing it themselves.
This may be true for some people, but the FCA rules often state that this is seldom a good enough reason to transfer a pension, as it exposes it to too much risk in comparison to the potential reward.
As a result, many people have received negligent financial advice to move their pension, possibly including former members of the West Yorkshire Pension Fund Pension Scheme.
Thousands may be able to make a claim for a mis-sold pension transfer away from final salary benefits such as West Yorkshire Pension Fund Pension Scheme, after receiving negligent pension advice.
We can help you find out with 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
If you needed any more reason to choose Get Claims Advice, we’re experienced with defined benefit claims.VIEW EXAMPLE
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.
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
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