Final Salary Pension Scheme
HAVE YOU TRANSFERRED OUT?
If you have transferred out of a final salary or defined benefit pension scheme it is possible that you have received poor financial advice and could be due compensation. Speak to Money and Me Solicitors today to find out.
Have you transferred out of your final salary pension scheme?
Did you know that, 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?
Money and Me Solicitors can assist people who have been given poor advice on pensions transfers to receive compensation for their financial losses – even if at the moment it doesn’t feel like you have made a financial loss!
Final salary or defined benefit pension schemes provide a reliable and dependable source of income on retirement which is matched by very few other pension schemes available.
Obtaining the right advice is important. If you are in any way unsure as to whether you received good or poor pension transfer advice, please complete the form above or call us on 01925 859625.
Public sector workers and people working in nationalised industries such as those listed below were likely to have received a final salary pension. If you worked in any of these industries and transferred your pension, you may have a claim:
- Local Government
- Civil Service
- Armed Forces
- Emergency Services
- Vehicle Manufacturers
Complete our claim form above or call us today on 01925 859625 to find out whether you could make a claim.
How much could you claim?
Compensation is payable for losses incurred. You may have incurred a loss simply by transferring your final salary pension and investment losses may have occurred 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 firm that advised you is still trading, uphold your complaint and agree to pay you compensation without any Financial Ombudsman Service intervention, there is no upper limit of compensation.
There is also no upper limit on damages and compensation payable should the matter proceed via Court Action or Mediation and you are successful in the sense of an award of damages and compensation by a judge hearing the court case, or agreement is reached by the parties in a process called Mediation.