Our Client Mr G was persuaded to transfer his Armed Forces pension after being approached by an unregulated introducer.
Mr G, 54, joined the Armed Forces at 18 and served in Northern Ireland and the Gulf War.
“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.
“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.”
For many in Mr G’s position, it’s not just the amount of money they lost, but 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.”
Mr G had been introduced to Carey’s (now known as Options Pensions) by an unregulated introducer.
This meant any “advice” they had given was not protected or covered by FCA authorisation and unfortunately also meant we would be unable to pursue a claim against the firm.
However, we thoroughly investigated Mr G’s case and discovered that a regulated party had been involved with his pension transfer. This was a financial advice firm called Financial Provision Solutions Ltd, formerly known as PSTG Solutions. They were no longer trading and had been declared in default.
We duly submitted a claim to the FSCS and he was awarded £85k in compensation for the advice he had received from Financial Provision Solutions Ltd.
Many thousands of Armed Forces personnel, both serving and retired, were targeted in the years prior to 2013 and up to 2015. We at PCC believe the true extent of the military pensions scandal is far worse than previously thought.
A freedom of information request revealed that between 2013 and 2015, around 3,600 former service personnel transferred their money out of the MoD pension scheme.
We are currently representing more than 200 Armed Forces personnel in claims for compensation after being poorly advised to transfer their Armed Forces Pension Scheme.
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.
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.