Pension transfer claims can happen if you were wrongly advised to transfer your final salary, defined benefit scheme. Have you transferred out of your workplace pension scheme?
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. 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. Those who received negligent financial advice to transfer out of their defined benefit pension scheme were often mis-sold the benefits of doing so. For those looking to recover their pension money, there are strict time limits within which to make a compensation claim. It is therefore important to get specialist help as soon as possible. Do not leave yourself out of pocket for your retirement.
Start your pension transfer claim today by filling in the contact form below.
What is final salary pensionable pay?
Also referred to as a defined benefit pension or final salary schemes, these are a type of workplace pension. Rather than gradually building up a pension pot for retirement, it provides a specified pension payment for the rest of your life, depending on your final employee terminal earnings or average salary. A defined benefit may be provided as a lump-sum payment or a series of payments. Some of these schemes also have generous death benefits.
As defined benefit pension or final salary schemes are usually a very solid and dependable source of income for retirement, there must be an extremely good reason for someone to want to transfer this into a riskier type of investment.
Getting the right financial advice on this is very important. There are strict rules provided by Government watchdog, the Financial Conduct Authority, that financial advisers must follow to ensure the pension transfer has not been mis-sold. If you feel that you weren’t given the right pension advice, please contact us and we can talk through your options.
Who is affected by defined benefit pension transfers (final salary transfers)?
People who worked in the public sector or nationalised industries, such as those listed below, may have been a member of a defined benefit/final salary employer pension scheme:
- British Steel
- British Telecom
- Local Government
- Civil Service
- Armed Forces
- Emergency Services
- Jaguar Land Rover
- Transport for London
- Barclays Bank UK
Compensation for negligent financial advice in transferring your pension
In June 2020, Government backed financial industry watchdog, the Financial Conduct Authority (FCA) announced measures to tackle the issues in the defined benefit pension transfer market. Pension freedoms introduced by the Government in 2015 have already been implicated as a source of consumer harm by the FCA.
Defined benefit pension mis-selling can unknowingly occur due to poor financial advice leaving you with less than you were expecting in your retirement. TLW Solicitors specialise in helping clients who have been given negligent final salary pension advice.
Whilst these transfers may have been made many years ago, it is still possible to claim compensation if you are the widow of someone who transferred their pension, or if the Independent Financial Adviser has gone out of business, has been taken over or changed its name.
Until our specialist team of financial mis-selling lawyers get an up-to-date valuation of the pension that our clients would have had, clients often do not realise how much they have lost out, which can be a significant amount. TLW Solicitors are specialists in mis-sold defined benefit (final salary) pension plan transfers. Speak to us today to find out if you have a claim.
TLW Solicitors can help claim for your mis-sold pension transfer
If you are concerned that you or a loved one were not given the right advice about leaving a final salary/defined benefit pension, please call us on 0800 169 5925 or use our online form and our team will contact you for an initial, no-obligation consultation.
It is important to get advice as soon as possible as strict time limits can apply.
For added TLC, think TLW Solicitors.