Railway Pension Transfer Claim
Railway Workplace Salary Pension Claim
Working for the country’s railways is a rewarding career that comes with an excellent pension. However, that pension makes railway workers a prime target for scams and financial advisers. If you were advised to switch your railway pension to a private pension scheme, you have likely mis-sold DB transfer products. If this is the case, you could make a defined pension claim and receive compensation.
The Financial Conduct Authority (FCA) is now actively warning pension holders to be wary of independent financial advisers trying to transfer valuable final salary pensions to risky private schemes. In some cases, ill-informed or negligent financial advisers missold salary swaps without considering their suitability or risks.
But in other shocking instances, financial advisers knew exactly what they were doing, and they provided erroneous advice on purpose. They only got paid on a “contingent fee’’ basis, and so they transferred railway pensions into inferior schemes to reap the financial benefits. Their clients lost money and lost out on the valuable stability of their retirement years.
Were you the victim of a missold salary swap? If so, you may be eligible for a final salary transfer claim, and we can help.
What is a Railway Pension Transfer?
In the past, railway workers often received lucrative final salary pensions. Final salary pensions, which are also known as defined benefit pensions, are particularly desirable because they continue to payout no matter how long you live. This is in contrast with fixed pensions, which are finite and limited. When you run out of money in the pot, you’re out of luck.
Final salary pensions are pegged to inflation, so you always have enough money to comfortably live on, even when the cost of living increases. On the other hand, private pensions are static and payout a set amount each month, even if that amount is no longer sufficient. They’re also subject to high fees and admin costs.
The valuable nature of final salary pensions makes them a prime target for scam artists. You can trade-in your defined benefit pension for a ‘Cash Equivalent Transfer Value’ (CETV) and receive cash in advance. Some financial advisers have convinced their clients to take this CETV and invest in a private pension, leaving them with a lump sum of cash.
Do you qualify for Final Salary Transfer Compensation for your Railway Pension?
It’s important to note that it is incredibly rare for this type of salary swap to benefit the pension holder. Other than in cases of terminal illness, you’re certainly losing money in the long run. However, unscrupulous financial advisers specifically duped their clients into missold DB transfers. Did this happen to you?
If so, you could be eligible to make a defined pension claim that will help you recoup what you lost. Allegiant can help you reverse the financial damage and get the final salary transfer compensation to which you’re entitled.
To have your prospects assessed by our specialist team, simply fill in our online form.
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