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Defined Benefit Pension Claims

P&O Ferries Pension Transfer Claims

Quick Guide

  • P&O Ferries workers may have lost out if they have been encouraged by financial advisers to transfer their final salary pension to a private scheme.
  • TLW Solicitors help clients find out if transferring their P&O Ferries Pension scheme was the right thing to do and if was not, whether they are owed compensation.
  • Working on a no win no fee basis, you pay us nothing if your claim is unsuccessful.

Have you transferred out of your P&O Ferries pension?

Get claims advice now.

If you or a loved one have transferred out of a P&O Ferries pension scheme, then you may be entitled to compensation.

Moving from a final salary, also known as a defined benefit or company pension scheme, is not usually the best long term option. However, many P&O Ferries workers, particularly after redundancy, may have been told by Independent Financial Advisers (IFAs) to transfer their pension into private schemes, including Self Invested Personal Pensions (SIPPs) and in turn, lost out.

As final salary pensions are a very solid and dependable source of retirement income, there must be good reasons to transfer this into another private pension, including SIPPs.

Government-backed City watchdog, the Financial Conduct Authority (FCA) has joined forces with The Pensions Regulator (TPR) and the Money and Pensions Service (MaPS) to work with the pension scheme to make sure that members tempted to transfer their pension following redundancy are not exploited by IFAs.

In April 2022, the FCA, TPR and MaPS jointly confirmed:

  • “Current and former employees of P&O are urged not to make any quick decisions about their pension following recent media reports.”
  • “The Financial Conduct Authority (FCA), the Pensions Regulator (TPR) and the Money and Pensions Service (MaPS) are raising their concerns given the heightened risk of pension transfers following recent redundancies. The FCA and TPR warn that transferring out of a defined benefit pension scheme is unlikely to be in the best interests of most people.”
  • “The FCA regulates pension transfer advice and has taken significant action where it considers that firms have not met the standards of advice and behaviour expected for financial advice. The FCA is repeating its guidance to those providing advice on pension transfers that they ought to start from a position that a transfer is unlikely to be in most people’s best interest.”

TLW Solicitors specialise in helping clients who have been given negligent final salary pension transfer advice. Even if some of these transfers were made many years ago, you may still be able to claim compensation if you are a P&O Ferries worker’s widow or if the Independent Financial Adviser has gone out of business, has been taken over or changed its name.

Until we get an up to date valuation of the pension that they would have had, clients sometimes do not realise how much they have lost out, which quite often is a significant amount.

If you feel that you or a loved one weren’t given the right advice regarding a P&O Ferries pension transfer, please call us on 0800 169 5925, email or use our callback form and our team will contact you for an initial, no-obligation consultation, we can then let you know if we can help.

Time limits apply, so it is important to get advice as soon as you can.

Meet Our Team

Meet Sarah, who heads up our experienced Pension Claims team.

Sarah and her colleagues are on hand to help with your claim.

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