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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:

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.

Rodders Hewitt
2024-03-08
Pension Claim Consulting Ltd ...have for me done a great job ...within the expected time scale ...Couldn't have asked for more
Phil C
2024-02-23
Thank you to all at PCC. My claim was managed brilliantly and was successful. I can highly recommended their services. Thank you once again
Christopher Fraser
2024-02-07
After identifying a concern regarding my pension, I sought advice from Pension Claim Consulting. The response and customer service was swift and amazing. The courtesy and care taken throughout the whole process was phenomenal. The consultant’s communication from start to finish filled me with confidence that PCC do exactly what they state and were on hand whenever required. The level of understanding, empathy for the frustrations, and patience is by far the best I’ve witnessed. I cannot thank PCC enough for their outstanding work ethic and dedication to customers/clients. If you have any concerns at all regarding your pension, then I would highly recommend that you get in touch with them.
Andy Yates
2024-02-06
Fantastic service, so impressed with Pension Claims Consulting. None stop updates throughout and everyone who works there was so helpful and supportive in every way. Thank you so much for getting my pension back.
Robert Manningham
2024-02-05
Pension Claim Consulting Ltd successfully won a case on my behalf following misguided advice I received in relation to my pension. They were most proactive in the process and kept me fully informed every step of the way. I have no hesitation in recommending their services.
Deanamo 84
2024-02-05
Very professional, very thorough and very good at what they do. Always at the end of the phone or email for any questions at anytime throughout the process. I can’t recommend them enough.
Roger King
2024-01-16
Pension Claim Consulting managed to reclaim some of my pension by constantly chasing the company that fraudulently took my money. I though that I had lost everything. I cannot thank them enough on recovering some of my pension back.
Susan Stringer
2023-10-17
Excellent standard of service. The claim was protracted substantially by virtue of opponents trying hard to not accept any responsibility for their actions and not return the pension fund. PCC kept me fully informed throughout the process, obtained an excellent result for me.They also kept chasing the opponent when little action was taking place from them. The staff were always pleasant and helpful to deal with and very encouraging when I felt my claim was doomed to failure. I can not praise highly enough
Paul Wilshaw
2023-10-17
Very professional and informative from the beginning of our 5 year relationship. They talked me through every step of the process with what to expect. I would recommend Pension Claim Consulting to anyone who wants an honest and professional service.
Bill Cass
2023-10-16
Great team and they will get the best outcome they can always kept informed the process took a longtime not because of anything pension claims consulting did purely the pension sip provider playing games i would 110% recommend this company to pursue your claim without doubt best thing i have done they didn't give up on my claim even though I had given up on any good outcome however finally resolved and paid thank you pension claim consulting
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.