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Thousands Targeted in Armed Forces Mis-selling Scandal 

23 September 2020

Today we are shining the spotlight again on the Armed Forces pension mis-selling scandal…

Unbelievably some of our heroes were purposely targeted and persuaded to transfer their pensions by unethical companies who made money from the transfer, Despite the fact it would cause thousands of pounds of losses to their retirement fund.

We asked Army Veteran and PCC client Mr G to share his story on pension mis-selling…

 

Mr G, 54, who served in Northern Ireland and the Gulf War joined the Armed Forces at 18. After leaving the army, the father of three, worked in numerous roles such as an armed maritime security guard on dangerous shipping routes, as well as security for Lenny Henry and The Black-Eyed Peas!

Introducers and Carey Pensions

Mr G transferred out of the MoD’s Final Salary Pension Scheme into a Carey Pension after being approached by an unregulated introducer.

“The MoD didn’t really communicate properly regarding your pension and it was even worse once you handed your uniform back you were left in the dark.

“During our battalion reunions, there was a lot of talk about transferring out of the MoD’s Pension as you could get your money at 55 rather than 65. It’s attractive as you don’t know what’s going to happen tomorrow. I transferred after I got a Facebook message from a Financial Adviser or an introducer who wasn’t even regulated.”

 

“Once I found out I’d been mis-sold a pension, I was devastated.”

For many in Mr G’s position, it’s not just the amount of money they lost. It’s also how much their pension would have been worth had they not been scammed.

He admitted: “I had no idea how much money I’d lost … If I had stayed with my MoD pension after eighteen years’ service I would have built up a guaranteed income for life. Once I found out I’d been mis-sold a pension, I was devastated.”

 

Thousands of Armed Forces Personnel have been affected by Pension Mis-selling

We at PCC believe the true extent of the military pensions scandal is far worse than previously thought. Thousands of Armed Forces personnel, both serving and retired, were targeted prior to 2013 and up to 2015.  

A freedom of information request revealed that between 2013 and 2015, around 3,600 former service personnel transferred out of the MoD pension scheme.

Dan Jarvis, Labour MP for Barnsley, who served with the Parachute Regiment has been vocal in raising this issues in the Parliament. Speaking to BBC Radio 4’s you and yours programme he said: “I think there are a number of failures. Clearly there is a very serious failure in terms of what these individuals were offered, but there’s also a concern that I have about whether there’s been a failure in the duty of care which the MoD has for those who served”

Want to know if your Pension Transfer may have been mis-sold?

We are currently representing over 200 Armed Forces personnel in compensation claims for unsuitable pension transfer advice.

If you transferred your pension and you haven’t already checked if you’ve been mis-sold – now is the time to do so.

If you’d like some help – we offer a free no nonsense no obligation check to see if you have a case or not.  It’s simply a chat with one of our team who are trained to identify a potential mis-sell by asking a few basic questions. That’s it! 

It’s then up to you how you want to proceed if you have a case.

Find out what our clients think of our service on Trustpilot. 

Robert Pemberton
2022-04-11
Antony Stroud
2022-04-08
Excellent company, would definitely use again, they never gave up
Junior Geener
2022-03-20
always kept you informed has to what was going on .I'd recommend pension claim to anybody
Ian Gaynor
2022-03-14
A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
adrian buck
2022-03-10
Keith Wilkins
2022-03-09
Very thorough and achieved the goal regarding compensation in full. Took a while but was worth the wait
Mark Holmes
2022-03-08
Excellent service. Great result.
michael dixon
2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
Roderick Turnbull
2022-03-08
Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.