Did you have a British Airways pension? Were you advised to switch your final salary BA pension to a fixed pension with a private scheme? If so, you may have been missold salary swap products and duped out of your hard-earned retirement savings. There is an epidemic of missold DB transfer advice out there, and unfortunately there is a good chance that you did not receive the correct advice.
The Financial Conduct Authority (FCA) has warned pension holders about independent financial advisers providing negligent advice. Some IFAs did not consider the suitability of the transfer for their clients, and they transferred them to risky and/or inferior schemes.
Even worse, in some cases, advisers knew full well what they were doing. They were only paid on a “contingent fee” basis, which means they only got paid if they switched their clients pensions. Some advisors missold DB transfers to line their pockets at the expense of their client’s retirement fund.
Our expert team can help you start a final salary transfer claim. If successful, you may be eligible for final salary transfer compensation, which can help you recoup some or all of the money you lost.
Final salary pensions are also known as defined-benefit pensions. They are so desirable because they continue to pay out for the duration of your life, regardless of how long you live. They also keep up with the rate of inflation, so you can live the life you are accustomed to enjoying. They also have no associated fees or costs.
On the other hand, private pensions are often loaded with fees and annual costs. They are not pegged to inflation, and they are not limitless. That means that when they run out, you’re out of money. In some cases, they’re tied to risky investments and scams, and you could go from comfortable to destitute in the blink of an eye.
Unscrupulous financial advisers convinced BA workers to trade in their final salary pensions for ‘Cash Equivalent Transfer Value’ (CETV). They advised that BA workers could trade in their CETV for a fixed pension with a private scheme. However, there are very few instances where this is beneficial.
If your financial adviser suggested a final salary pension transfer, the may have made a negligent recommendation. Poor recommendations cost some BA workers a huge amount of money and undermined their financial stability in their retirement years.
Our pensions team can help wronged BA & former BA workers launch a final salary transfer claim. A successful claim can help reverse the financial damage and help you get the salary swap compensation that you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.
In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-
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The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
Pre complaint investigation and analysis. No paperwork? Don't Worry! We could still help.
Once we've assessed claim prospects, we make a pension complaint to the Ombudsman or FSCS, where appropriate
Pension complaint response received. We'll carefully analyse the response and advise you on how to proceed.
If appropriate resolution cannot be reached with a live firm, and we disagree with their stance, we will refer the claim to Ombudsman on your instruction.
Allegiant always aligns great value with exceptional service. This winning formula has seen us emerge as one of the UK’s pre-eminent Claims Management Companies in recent years. See why Allegiant is a great choice below. *All information correct as at 28 August 2021.
How our fees work in practice:
• Compensation is £1,000, the fee is £250 plus VAT £50. This means the amount payable to us is £300 leaving you with the benefit of £700.
• Compensation is £3,000, the fee is £750 plus VAT £150. This means the amount payable to us is £900 leaving you with the benefit of £2,100.
• Compensation is £10,000, the fee is £2,500 plus VAT £500. This means that the amount payable to us is £3,000 leaving you with the benefit of £7,000.
NB. It is possible that our fee may become payable before you have access to your pension or investment which may result in you having to pay our fee from your own funds.
You can cancel for free at any time within 14-days without giving any reason and without incurring any liability. You can communicate your cancellation by telephone, post, email or online.
You can cancel this agreement at any time after the 14-day cancellation period. However, if a complaint submitted by us is successful, the Success Fee will apply in the usual way.
You can cancel by post: Allegiant Finance Services Limited, Freepost RTYU–XUTZ–YKJC, 400 Chadwick House, Warrington Road, Birchwood Park, Warrington, WA3 6AE; (b) by email: email@example.com; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/cancellation.
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Our fees compare favourably to competitors. We actively encourage you to shop around.
We could still help if you don’t have all your paperwork or details. Our team are experienced in helping locate paperwork where possible.
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