Final Salary Pension Transfer Claims

Final Salary Pension Transfer Claims

Were you mis-sold a
Final Salary Pension Transfer?

What Are Mis-Sold SIPPs?

Thousands of people have been persuaded to transfer their low risk final salary pensions away from their current or former employers into riskier self-invested personal pensions which have no income guarantee.

For people with a shortened life expectancy, or with no dependants or family members, this may have been the right decision. 

Many people have been given financial advice that is against their financial interests to transfer their final salary or other type of Defined Benefit pension.

Financial advisers receive large fees and commissions for giving final salary advice to people and giving new business to pension companies. This encourages unethical financial advisers to give advice that benefits themselves rather than their clients.

Were You Mis-Sold a Final Salary Pension Transfer?

Despite your reasons and what you were told, you may put your future at risk if you transfer a gold plated pension like a final salary pension. This is because final salary pensions come with a range of rare and valuable benefits just take a look the comparison below to see how the benefits of a final salary scheme compare to those of a private pension.

Why SIPPs are Bad

Final Salary Scheme

Final salary pensions offer a practically guaranteed income in retirement. A pension that is index-linked to help keep pace with inflation, won’t run out before you die and doesn’t cost you a penny to run.

Private Pension

A private pension can be a finite source of income, one that may run out if you live longer than it lasts and is at risk of losing money from an often volatile market. It may also cost you in annual fees to run.

You were probably told about potential benefits of transferring your final salary pension away. Such as:

  • Bigger pension pot
  • Tax-free cash at 55
  • Different death benefits if you are unmarried.

When looked at on their own, these are rarely considered good enough reasons to leave the safety and security of a final pension scheme. As a result of transferring away, you may have lost a lot of money in the long run even if it looks like your pot is growing for now. With the addition of financial advisors that often charge thousands to give advice on final salary transfers, your transfer very well could have been the wrong decision.

So How Can You Find Out?

You can find out if you were mis-sold a final salary pension transfer by talking to the specialists at Claiming 4U. We offer a FREE Initial Assessment to see if you can make a claim. It’s your chance to have a no obligation chat with somebody who understands the pension they’re selling and have any options to explained. If you transferred a final salary pension you may be able to make a claim. Find out with Claiming 4U.

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