Final Salary Pensions

Do you believe you have been mis-sold a final salary pension transfer?

We may be able to help you understand both if you have grounds for complaint and to make your claim.

If you have grounds for complaint, we may be able to help you get your money back. While we’ll need to gather some details about the circumstances of your pension transfer, once we have what we need we’ll do the majority of the work for you.

While nobody knows the true extent to which final salary pension transfers have been mis-sold, if you have concerns about your transfer, you shouldn't wait to see if your financial adviser writes to you.

Being mis-sold your pension transfer could hugely affect your retirement plans and leave you significantly worse-off.

If you require assistance with investigating and making a claim against your financial adviser, contact us and speak to one of our experts today.

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Why are so many people advised to transfer?

Numerous FCA reviews have highlighted shortcomings in the processes undertaken and advice provided by financial advisers.

However, the biggest concern is that many advisers recommended a pension transfer because they’d only receive a fee if a transfer took place, a practice known as contingent charging. It is, therefore, unsurprising that "no transfer, no fee" pension transfer schemes, in particular, came under the spotlight.

In July 2019, the FCA launched a consultation on banning contingent charging. The FCA said at the time, "We are concerned too many advisers are delivering poor advice, much of it driven by conflicts of interest in the way they are remunerated. In particular, the practice of contingent charging creates an obvious conflict.”

Which jobs come with Final Salary Pensions?

The most common Final Salary jobs are listed below

NHS Workers
Council Workers
Public Services
Large Insitutions
Museum Curators
Speak to one of our Pension Experts ↠

What to do if you believe you were mis-sold a pension transfer

Your first course of action is to complain directly to the firm from which you received pension transfer advice. You must write to the firm outlining that you are making a complaint because you believe your pension transfer was mis-sold and demonstrate the reasons why.

Ensure you include any evidence to support your claim and ensure it’s clear to which elements of your complaint each piece of evidence relates.Your financial adviser must respond within eight weeks. In response, your financial adviser will tell you if:

They agree with your claim, in which case they owe you money.

They need more time to investigate your complaint.

In any such response, they should also tell you when they will next update you.

They do not believe you have grounds for complaint in the form of a final response letter.

You can escalate your complaint to the Financial Ombudsman Service if:

You receive no response from your financial adviser.

You are dissatisfied with the response you receive, whether that be the financial adviser dismissing your complaint or offering to repay you a lower sum than you believe they owe you.

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