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Public Sector Pension Mis-selling

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.

 

British Steel

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.

 

Public Sector Pensions were purposely targeted before, a change in legislation in 2015, making them vulnerable to pension transfer scammers and negligent financial advice.

Pension mis-selling has hit nearly all public sector pension schemes:

  • Armed Forces Pensions
  • British Steel Pension Scheme
  • Mineworkers
  • NHS
  • Police Force Pension Scheme
  • Royal Mail
  • Teachers

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.

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Robert Pemberton
2022-04-11
Antony Stroud
2022-04-08
Excellent company, would definitely use again, they never gave up
Junior Geener
2022-03-20
always kept you informed has to what was going on .I'd recommend pension claim to anybody
Ian Gaynor
2022-03-14
A thoroughly positive result and experience. In all honesty I didn't have much hope of any success following a truly dodgy pension investment. I spent years angry at myself then decided to let these guys have a go on my behalf. It took hardy any effort on my part and they kept me fully informed, then out of the blue I got a call saying they have won all my pension back plus more and within days it hit my account. Thrilled with their effort and professionalism. I dealt with a few different staff and all were informative, polite and helpful. I great end to a terrible situation. 100% genuine review and I cannot recommend them enough. Thank you.
Grace Anderson
2022-03-11
Pension Claim Consulting were a Godsend. I was told about them by a friend who had also invested in a pension. They kept me informed on the progress of my claim with regular updates and answered my queries with patience and professionalism. There percentage for on behalf was also lower than expected. I can't thank them enough
adrian buck
2022-03-10
Keith Wilkins
2022-03-09
Very thorough and achieved the goal regarding compensation in full. Took a while but was worth the wait
Mark Holmes
2022-03-08
Excellent service. Great result.
michael dixon
2022-03-08
I was approached by Pension Claim Consulting after the company that was handle ing my SIPP had been investigated by the Financial Ombudsmen and informed me i had a case, with this information given to me i agreed to let them represent me in trying to reclaim my investment. All through the process i was informed of every step and on a regular basis even though it took many months the outcome was successful and i was reimbursed fully. This is a fantastic company to work with and dedicated staff who know their business. Many Thanks. Mike Dixon.
Roderick Turnbull
2022-03-08
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.