Frank Field, former MP and Work and Pensions Committee Chairman
Final Salary schemes, also known as Defined Benefit schemes, have long been regarded as ‘the gold standard’ of all pensions – and it is easy to see why: they pay a guaranteed retirement income for life, with few complications.
Yet for decades, thousands of people have been encouraged by their Financial Adviser to transfer into alternative pension schemes only to see poor retirement outcomes and loss of the guaranteed benefits the Final Salary scheme provided.
We work with a high number of clients who have been encouraged by their Financial Adviser to transfer from their Final Salary pension scheme, when it was not in their best interests to do so.
If you transferred from a Final Salary pension scheme and are concerned about the advice provided by your Financial Adviser, our claims team will be happy to investigate on your behalf.
We are currently in the midst of a Final Salary transfer boom. More than 200,000 pension transfers took place in 2018-19, double the previous year’s total according to the Pension Regulator. They were worth a total of £34bn.
The Financial Conduct Authority say despite their guidance, too many advisers are still not providing ‘an acceptable standard’ when it comes to Final Salary Transfers. As a starting point, they say, advisers should take the view that the consumer is best served to remain with the Final Salary scheme.
In 1994 the government directed The Personal Investment Authority (now The Financial Conduct Authority) to investigate all Final Salary transfers, with thousands of people receiving compensation for unsuitable advice.
If your pension transfer predated June 30th 1994 but was overlooked by the PIA for review, it may still be possible to claim compensation, please get in touch with our claims team so we can investigate.
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 Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.