In August 1991, Mr W acted on what has now been proven to be unsuitable advice and transferred his Armed Forces Pension Scheme 1975 Section (AFPS) into a Personal Pension arrangement with Windsor Life (now ReAssure). As a result, he lost a significant portion of his retirement savings. The Service Personnel & Veterans Agency confirmed that the amount transferred was £9,950.97. By May 2022, this had grown to a value of £62,944.20.
We carefully reviewed Mr W’s case and established that despite being a member of the AFPS for less than 12 years and despite the growth of his investment, had Mr W remained in the AFPS, the equivalent ‘hypothetical value’ of that pension would have been £179,504.95. This meant that he had suffered an actual loss of £116,560.75 so we helped him file a complaint.
On 29th June 2022, after a thorough investigation, ReAssure, the financial advisory firm that wrongly advised Mr W, agreed to award him £116,560.75 in compensation for his losses.
Mr W had no idea that he had been mis-sold a pension, and his case, like many thousands of others, highlights the importance of seeking professional advice.
If you believe you have been mis-sold a pension or have suffered financial losses due to poor advice, don’t hesitate to reach out to Money and Me Solicitors for help.