The Final Salary Pension Transfer Scandal
The FCA tells financial advisers to only recommend that somebody transfers a final salary pension in rare circumstances.
This is because they are considered valuable, protected up to 90% by the PPF and come with the promise of a guaranteed income in retirement.
Most personal pensions come with no such guarantee, and as investments rise and fall with the often unpredictable markets, many people end up losing money by transferring away from final salary pension schemes.
Is your pension performing as good as your old final salary pension?
It all depends on many factors, is your new pension:
- Promising a guaranteed income in retirement?
- Protected by the PPF upto 90%?
- Free for members to run (no annual charges?)
- Set to pay out all the way until you die?
- Complete with Death In Service Benefits that would pay up to 50% to a spouse if you die before retirement?
- Keeping up with the Critical Yield (how much your pension needs to grow by each year, every year, to keep up with what your old pension would have been worth?
If the answer to any of these questions is no, then you may have been mis-sold your pension transfer.
Get Claims Advice
Thousands of people were persuaded to transfer their pension, even though it wasn’t in their best interests to do so. Many will suffer losses for having done so, effecting their quality of life in retirement.
We set up Get Claims Advice Ltd to fight for those people.
A specialist firm, we only deal with financial negligence cases, using our extensive knowledge, experience and strategy.
Our team are dedicated to winning claims, and it’s meant that we’ve recovered over £47 million* on behalf of our clients, as well as appearing on ITV Tonight documentaries as specialists in pension mis-selling cases.
Always working on a No Win – No Fee* basis, we don’t believe clients should have to pay upfront for a chance at justice over their pensions, and we offer anyone with concerns about their pension a FREE initial assessment to see if they can make a claim.
Don’t take pension mis-selling lying down. Find out if you can make a claim for compensation with Get Claims Advice.
Start your free, no-obligation initial assessment today!