Have you transferred your Rolls-Royce final salary pension?
If you or a loved one have transferred out of your Rolls-Royce 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 rarely a good idea. However, many Rolls-Royce workers, particularly after redundancy, may have been told by Independent Financial Advisers (IFAs) to transfer their pension to private schemes, including Self Invested Personal Pensions (SIPPs) and may have lost out.
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, including SIPPs.
Financial Conduct Authority Warning
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 in ensuring that members tempted to transfer following redundancy are not exploited by IFAs.
A joint statement from October 2020 confirmed:
“All advisers should be clear on the FCA’s expectations when offering advice to members of the pension scheme. Where the FCA sees unsuitable advice, or bad practice, it will take action…The FCA, TPR and MaPS believe transferring out of a DB pension scheme is unlikely to be in the best interests of most consumers”.
Rolls-Royce Pension Scheme Compensation for Negligent Financial Advice
TLW Solicitors specialise in helping clients who have been given negligent final salary pension advice. Whilst some of these transfers were made many years ago, you may still be able to claim compensation if you are a Rolls-Royce 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.
TLW Solicitors can help you
If you feel that you or a loved one weren’t given the right 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.