Ford Pension Transfer Claim
Ford Workplace Salary Pension Claim
Are you a missold salary swap victim?
Ford has recently started to offer their employees a hybrid pension plan that consists of a 50% final salary pension and a 50% lump sum. Sadly, some pension holders have been given negligent advice to transfer their final salary pension now, to an inferior private scheme. If you are a victim of a Ford missold DB transfer, you could be entitled to make a salary swap claim.
The Financial Conduct Authority (FCA) has raised alarm bells over independent financial advisers. These advisers continue to give negligent or misleading advice to Ford pension holders. They recommended missold salary swap products without considering their suitability for individual clients.
In some cases, this bad advice is down to negligence, but in many other cases, it is very much intentional. Most independent financial advisers are paid on a ‘contingent fee’ basis – they only earn income if they convince you to make the switch. This payment structure convinced many advisers to put their own financial interests above yours. Does this sound familiar?
If you are the victim of a missold DB transfer, you might be entitled to defined pension compensation – read ahead.
What is a Ford Pension Transfer?
If you work for the Ford motor company (or worked for them in the past), you were offered enrolment in a final salary pension. This might represent half of your total pension or the entire pot.
Final salary pensions (also known as defined benefit pensions) are desirable pension products that continue to pay out for the rest of your life. They keep up with the rate of inflation, which ensures that you will always be able to afford your standard of living. Best of all, they don’t have any high fees or extra costs.
In contrast, private pension schemes are often tied to market rates, which means they can tank when the market fluctuates. They are risky and often come with exorbitant annual fees. Private schemes draw from a fixed pot, and when the money runs out, it’s gone – you can easily end up destitute during your retirement years.
The problem arises when financial advisers recommend that pension holders trade in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV). Ideally, this lump sum allows you to invest in better options, but it’s extremely rare for a Ford pension transfer to benefit you. You already have an excellent pension, and all the transfer will do is line your adviser’s pockets. They get a big commission, and you lose up to 50% of your pension income later in life. Most reputable advisers will tell you to avoid defined benefit transfers at all costs.
Do you qualify for Final Salary Transfer Compensation for your Ford Pension?
If you were convinced or cajoled into a missold salary swap involving your Ford pension, you might be entitled to final salary transfer compensation. In almost all cases, these types of pension transfers are unsuitable, and your financial adviser was wrong to recommend this option.
Thankfully, our expert Allegiant team can help you make a defined pension claim. If successful, you could receive defined pension compensation and get back some of the income you lost.
To have your prospects assessed by our specialist team, simply fill in our online form.
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