As a member of the police, fire or other emergency services, have you lost retirement income by transferring out of your Pension Scheme?
Even though there have been understandable concerns about changes to the pensions of emergency “blue -light” services such as the police and fire services, as they are a final salary pension, a form of Defined Benefit pension, they are often still more generous than most 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. On that basis, there needs to be a strong reason to transfer out of such pensions to often riskier private schemes such as Self-Invested Personal Pensions (SIPPs).
Some police, fire and other emergency services workers have been persuaded to transfer out of their existing pension schemes and have lost out financially as a result.
If you or a loved one have worked in the emergency services and have transferred out of the government backed pension scheme following negligent financial advice, in turn, reducing the value of your pension pot, then you may be able to claim compensation.
Compensation for Negligent Financial Advice
TLW Solicitors specialise in helping clients who have been given negligent final salary pension advice.
The value of these claims can be significant, with many clients not appreciating how much they have lost until we obtain a current valuation from their previous pension provider. This valuation gives an indication of what the pension would 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 even if you are a former emergency services worker’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 feel 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.