British Steel Pension Transfer Claims
DID YOU TRANSFER YOUR PENSION?
You could be owed hundreds of thousand of pounds.
Please complete our contact form or call us on 01925 859625 to speak to a financial mis-selling specialist today and find out we can help you.
If you transferred out of a British Steel pension scheme you could be due compensation.
If you or a loved one held a final salary pension with British Steel that has since been transferred to another pension provider there is a chance that you, or they, were a victim of poor financial advice and could be due compensation.
Final Salary, or defined benefit, pensions offered a sound, reliable and dependable source of income on retirement matched by very few other pension schemes. According to a report on a sample of the pension transfer industry, the Financial Conduct Authority found that just 48.1% of people that transferred their final salary pension had been correctly advised. So, even if it feels like you haven’t lost out financially since transferring, you are more likely than not to have made a loss.
Even if it feels like you haven’t made a loss at all since moving your British Steel pension, it is still possible that you have!
Money and Me Solicitors can assist you in finding out whether you have received poor advice and help you receive compensation for your financial losses.
Please complete the form above or call us on 01925 859625.
Pension transfer advice was offered by a number of IFAs and companies, including:
“So even if your transfer was carried out by a large, well known company, you may still have been a victim of financial mis-selling and could still be due compensation.”
How much could you claim?
Compensation is payable for losses incurred which may have resulted simply by transferring your final salary pension or if your fund was invested in inappropriate investments.
There may be a number of parties against whom a claim can be made arising out of the whole circumstances surrounding your Pension Transfer.
|If the firm that advised you to transfer your defined benefit pension went bust before 1/4/19||maximum pay-out from the Financial Services Compensation Scheme would be £50,000|
|If the firm that advised you to transfer went bust after 1/4/19||maximum pay-out from the Financial Services Compensation Scheme would be £85,000.|
|If the firm that advised you is still trading, but they reject your complaint||maximum compensation the Financial Ombudsman Service would compel the firm to pay is £160,000, if you were advised before 1/4/19 and up to £360,000 if the advice to transfer was given after 1/4/19.|
However, if the company that advised you is still trading, and it upholds your complaint, agreeing to pay you compensation directly, there is no upper limit to the amount of compensation that can be awarded.
Should the matter proceed via court action and/or mediation and you are awarded compensation by a judge hearing the court case or during the mediation process then there is no upper limit on damages and compensation payable.