Teacher pension schemes are thought to be one of the best occupational pensions in the UK.
This is because they are considered to be relatively safe and usually comes with valuable benefits, such as a guaranteed income throughout retirement. This is something that would cost a lot to replicate in a private pension.
These types of public sector pensions also known as Final Salary or Defined Benefit Pensions also keep pace with inflation and more often than not, don’t have any running costs either.
SIPPs (Self Invested Personal Pensions) on the other hand don’t usually have these benefits and usually do have administration costs. They also put you in charge of the risks and running of the investments involved with the performance your pension.
While there are some rare circumstances where a Teachers’ Pension transfer might be deemed suitable, many transfers will have been unsuitable, and down to the negligence of a Financial Adviser who may have left pension holders worse off.
If you followed advice to transfer your Teachers’ Pension and are worried about it, we may be able to help.
Before a change in policy in 1995, some TPS members may have used AVC’s – Additional Voluntary Contributions – to top up their pension pots, without being fully aware of the other options open to them, such as buying additional years. This advice may have left them in a worse off position come retirement.
If you think you have been mis-sold then the first step would be to get the advice evaluated.
We offer a free assessment check of your circumstances and the advice you received, which will give a basic indication as to whether we think you may have been mis-sold and if you should consider a claim for compensation. There’s no obligation to use our service.
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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.