A shockingly high number of people affected by pension mis-selling are public sector workers.
NHS employees, Teachers, members of the Armed Forces, Royal Mail, Local Government employees. The list is long. Many were given poor financial advice, which saw them transferring out of Final Salary – also known as Defined Benefit – schemes. The funds were then cashed in as a lump sum or invested, recommended by the Financial Adviser.
So, one minute the public sector worker has a Final Salary pension with fixed income guaranteed for retirement, the next they are wholly dependent on the performance of market invested funds, which are probably doomed to fail.
We speak with many public sector workers who have been persuaded to transfer out of Final Salary pensions. We hear all about the pressure tactics employed by Advisers or Agents acting on their behalf. And we hear all about the losses of retirement funds…
Financial Advisers have a duty of care to their clients. By pursuing and/or advising clients to transfer out of a Final Salary pensions schemes when it wasn’t in the client’s best interests, is a regulatory breach.
If you’re a public sector worker and have been in this position, give the Pension Claim Consulting team a call – we’ll quickly advise you if we think you have a claim…we won’t charge you for this advice.
The most high profile Public Sector pension scandal is that of British Steel. It’s best to cut a long story short – what’s important is the process.
As part of British Steel’s Pension Plan restructure in 2017, employees were given new pension options.
So, effectively British Steel employees were being forced between a rock and a hard place. Some 7,700 British Steel workers made the transfer.
Given the length of time many steel workers had served, their pension values were high, averaging at around £400,000. What followed was quite shocking.
A “feeding frenzy” among Financial Advisers began. That was the phrase used by then chair of the Work and Pensions Select Committee, Frank Field MP.
The greedy advisers were all desperate to get a slice of the British Steel Workers lucrative pensions. ‘Transfer out, invest with us, get your pension working harder.’ Needless to say, the results were catastrophic for many. Tens of millions of pounds must be repaid in compensation to Steel workers pension.
Pension mis-selling has hit nearly all public sector pension schemes:
Many members were made to believe they would be better off in retirement if they transferred their pension, and for many, the advice they received was wrong.
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.