Mis sold pension transfers
A final salary pension scheme invariably provides excellent benefits not only to existing employees but also to employees who have left the employer’s service before reaching retirement age.
Early leavers of final salary pension schemes
Unfortunately, large numbers of these ‘ex-employees’ have been persuaded to move a transfer value from their scheme in favour of a Section 32 buyout contract, Personal Pension or, even, a Self-Invested Personal Pension (SIPP). The claimed attractions of these alternatives are, in our experience, often over-emphasised and the valuable guarantees of final salary membership – even for ex-employees – equally often over-looked.
Many people – advisers and ex-employees – use terminology such as “frozen pension” but this infers that no further growth is added to the pension at the date of leaving. In fact, early leaver pensions increase each year, broadly in line with price inflation, or better.
Who says transferring out of your pension is probably not good advice?
Between 1994 and 2001 the financial services regulator – the Personal Investment Authority (PIA) – initiated and drove forward a review of all previous pension transfers away from final salary pension schemes. Huge numbers of people received mis sold pension compensation from their adviser but, in spite of this warning from the regulators, large numbers of ex-employees are still being advised on pension transfers.
Compensation for mis sold pension transfers
If you know that your pension transfer was overlooked by the PIA review, contact us immediately: we will be able to confirm whether your claim is ‘time-barred’ or if you stand a chance of success.
If you transferred after 30th June 1994 you will have almost certainly not received a review and we strongly suggest you instruct United Claims Management to investigate whether you have been badly advised and mis sold a pension transfer and, subsequently, how much mis sold pension compensation you can expect.