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.