Are you concerned that you may have been mis-sold a final salary pension transfer? If so, we can help you make a complaint and receive compensation.
The plight of British Steel pension members highlights the potential for such mis-selling if people do not receive quality, personalised advice from a specialist adviser.
Last year, the financial regulator investigated firms offering advice to British Steel pension members and banned six from advising the members as a result. In January, the regulator also revealed plans to collect data from all firms that have pension transfer permissions, to assess advice practices across the market.
A final salary pension transfer is irreversible. Once you have transferred, you lose all the guaranteed benefits that come with your original final salary scheme and swap those for a capital sum that usually goes into a private pension.
While this has many benefits and is a golden opportunity for some, you must get specialist, independent and holistic advice on your unique circumstances to be sure that a transfer is the most suitable move for you.
A mis-sale occurs when you receive poor advice that has led you to suffer a financial loss. You may suspect a mis-sale if you do not understand fully why you transferred and how you benefit from the new arrangements, or if you do not fully comprehend the new investments your transfer money is placed into.
As mentioned, transfers can be very beneficial to certain people, however, your adviser should have checked carefully whether your final salary scheme was to be your primary source of income and whether you were going to be relying on the stability of that income. If it was, a transfer might not have been suitable.
The adviser should have explained carefully that you are giving up the income guarantee in your final salary scheme for less secure arrangements. They should also have ensured that this is suitable for you – perhaps because you have other income sources available or because you have shortened life expectancy – and that you are comfortable giving up the guarantees.
The adviser should also have made sure you understand that the income taken from transferred money is generally not as secure; and that you are comfortable with your pension money being invested in the stock market with its associated risks.
Final Salary Transferwise is part of independent adviser Blackstone Moregate, an independent financial adviser with 17 years’ specialist experience in pensions advice.
If you have been recommended a transfer, but are unsure of the advice you received, we can give you a second opinion.
If you have already made a transfer but feel you may be in a worse situation as a result, we can help you confirm whether a complaint is worth pursuing. We will investigate your circumstances thoroughly and if you have suffered a loss, we will help you complain to the firm that gave you the advice. If the firm does not accept fault, we will also then help you complain to the financial ombudsman, which makes the ultimate decision.
If the ombudsman upholds your complaint, it will award financial compensation to reflect the loss you have suffered.
We charge for this service based on the time spent and will provide a fixed fee quote after a free initial consultation to discuss your case.
To find out more or start the process, contact Richard Hopkins at 020 3376 1444, email@example.com.