THE SITUATION
Mr W. served in the Armed Forces from August 1976 to April 1988. In March 1991, he acted on the advice of Windsor Life (now ReAssure) to transfer his Armed Forces Pension Scheme (AFPS) into a Personal Pension arrangement with Windsor Life.
The Service Personnel & Veterans Agency confirmed that the amount transferred was £9,950.97.
By May 2022, his Personal Pension fund had grown to a value of £62,944.20. As the funds had increased in value, Mr W. saw no reason to doubt the advice he had been given when he transferred his AFPS. When Mr W. turned 60, he contacted the Ministry of
Defence (MOD) only to discover that he wasn’t entitled to a pension and was left in a state of shock. It was only after viewing one of our Facebook ads, that he decided to contact Money and Me Solicitors (MMS) to carry out an investigation into the advice he had received in March 1991.
OUR APPROACH
Following a thorough investigation, we established that had Mr W. remained in the AFPS, the equivalent ‘hypothetical value’ of that pension would have been £179,504.95, despite being a member of the AFPS for less than 12 years. This meant that he had
suffered a significant loss of £116,560.75.
THE OUTCOME
On 29 June 2022, we were delighted to inform Mr W. that we had achieved a successful outcome for him. ReAssure agreed to award him £116,560.75 in compensation for his losses…..truly a life-changing amount.
Mr W. expressed his satisfaction with our service, stating:
“Money & Me Solicitors have recently won my case for compensation against unsuitable advice to transfer my Armed Forces pension and I can’t speak highly enough about Andy and the team; they have all been fantastic all the way through the process. I have been kept fully up to date at each stage with the utmost professionalism and integrity.
This success brings stability to me and my family for the future…huge thanks to the team at Money & Me Solicitors. Thanks, John.” – Mr W.
It should be noted that the claim had no impact on his personal pension arrangements with Reassure.
