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Final Salary or Defined Benefit Pension Transfer Claims

Railway Workers Pension Transfer Claims

Quick Guide

  • The Railways Pension Scheme is widely seen as a risk free, secure final salary pension.
  • Some railway workers were encouraged by financial advisers to transfer out of the scheme to a private pension or SIPP and lost thousands.
  • No win, no fee TLW Solicitors can look at your case and see if you are owed compensation for negligent advice.

Were you a railway worker who has transferred out of your pension scheme?

Were you advised to move your pension into a private scheme?

Railway pension transfers are rarely a good idea, especially if it led to financial loss when promises of high returns were made. If you or a loved one were a railway worker and transferred out of the Railways Pension Scheme, then you may be entitled to compensation.

Many rail workers were told by their financial advisers to transfer their risk-free final salary, also known as a defined benefit, pension to other private schemes, including Self Invested Personal Pensions (SIPPs) and may have lost their money. TLW can help reclaim this lost money, get in touch by filling out the form below and find out if you have a claim.

The advice to transfer was given by a range of Independent Financial Advisers, including agents from some well-known and trusted brands such as:

  • Abbey Life
  • Aegon UK
  • Allied Dunbar
  • Aviva
  • Co-Operative
  • Friends Provident
  • Legal & General
  • Lloyds TSB
  • Norwich Union
  • Pearl Assurance
  • Prudential
  • Scottish Amicable
  • Scottish Widows
  • Standard Life
  • Sun Life
  • Zurich

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

TLW Solicitors specialise in helping clients who have been given negligent final salary pension advice. These claims can be high value, with many clients not appreciating how much they have lost until we apply for an up to date valuation from their previous pension provider. This valuation shows what the pension may have been worth had it not been transferred.

Whilst some of these transfers were made many years ago, you may still be able to claim compensation if you are a rail worker’s widow or if the Independent Financial Adviser has gone out of business, has been taken over or changed its name.

If you feel that you or a loved one weren’t given the right pension advice, 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.