Have you transferred out of a Local Authority Pension Scheme?
Despite concerns about the dwindling value of Local Authority pensions, as they are a final salary pension, a form of Defined Benefit pension, they are often seen as being much more favourable than most private pension schemes on the open market. Final salary pensions generally keep in line with inflation and death benefits are often more generous than private schemes.
Defined benefit pensions provide guaranteed pension income from retirement up until death. For this reason, even on the advice of an Independent Financial Adviser, it is rarely appropriate to give all this up and transfer into a private scheme such as a Self-Invested Personal Pension (SIPP).
Local Authority pensions apply to a wide range of roles including:
- Social worker
- Refuse collector
- Housing officer
If you or a loved one have worked at a local authority such as a Borough, Metropolitan or City Council and have transferred out of the Local Authority’s Pension Scheme following negligent financial advice, reducing the value of your pension pot, then you may be able to recover compensation for your losses.
Compensation for Negligent Financial Advice
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 Local Authority employee’s widow/er or if the Independent Financial Adviser has gone out of business, has been taken over, or changed its name.
TLW Solicitors can help
If you think that you or a loved one weren’t given the right pension advice, please call us on 0800 169 5925 or use our online 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.
For added TLC, think TLW Solicitors.