Final salary or defined benefit is a specified (i.e. guaranteed) amount of benefit, such as “1/60 of your pay upon retirement for each year of service,” is provided by defined benefit pension plans. In such an arrangement, the employee was often guaranteed a pension that was either an average of their earnings during their career or a predetermined percentage of their wage during the years before retirement. The ratio would be based on the length of employment with the employer. Increases after retirement are often somewhat discretionary but must adhere to legislative minimums.
Sometimes financial advisers can advocate transferring out of the final salary pension scheme offered to you by a workplace. Pension transfers are a big decision and transferring out of a final salary scheme is rarely good advice. However, many people were advised to do that due to negligent financial advice.
If you were given bad financial advice to transfer your pension, chances are you were deceived about the benefits. Don’t wait too long to seek compensation if you want to recover your money. Get expert help now and don’t risk losing out on your retirement savings.
TLW Solicitors are financial mis-selling experts and specialise in helping clients claim compensation when they have been given negligent financial advice to transfer their pensions.
Start your pension transfer claim online today, request a callback or call TLW Solicitors on 0800 169 5925.