Armed Forces Pension Transfers

If you received advice to transfer your Armed Forces Pension into a SIPP or Private Pension you should check if that advice was suitable for you.

Unsuitable transfer advice has caused many Service Personnel to suffer £1000’s in losses to their pension as well as a loss of guaranteed benefits that come with these pensions.

Many are also invested in unsuitable unregulated investments and now paying high fees and charges.

How have AF Pensions been mis sold?

Armed Forces Pensions were subject to legislative change bought in by the government in 2015. This was following recommendations from the Hutton report regarding the long-term performance and structure of Public Service Pension Schemes.

Whilst these recommendations were intended to stabilise the future of these pension schemes, they unintentionally created a “transfer deadline”.

This left scheme members open to potential pension transfer scammers and negligent financial advice.

Up until the 2015 deadline, thousands of members were purposely targeted by sales companies, persuading them to move their pensions so they’d be better off in retirement.

Using tempting cash incentives, tax free lump sums and the false guarantee of “unlocking” pension pots early, it’s understandable that members opted to try and make the most of their future nest eggs.

Why was it unsuitable to transfer?

Final Salary pensions or Defined Benefit pensions like Forces Pensions, are considered very valuable. This is mainly due to the benefits that come as part of these schemes.

It’s only in exceptional cases that a pension transfer from a scheme like this into a private pension, such as a SIPP, would be considered a suitable option

 

What Can I Do if I Transferred my Armed Forces Pension?

If you transferred your Armed Forces Pension as a result of unsuitable advice from a regulated company or person, you may be able to claim compensation for mis-selling.

We are currently representing many Ex-Forces Personnel who may have had their future pension entitlement compromised by negligent Financial Advice.

If you want some free initial advice call and have a chat with one of our team. We can tell you if we think you may have a case and advise you of your options if you want to make a claim.

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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.