Did you ever have a Barclays pension from British Aerospace? Did your adviser suggest that you should switch your pension to a fixed pension? If so, you may have been missold a DB transfer. Due to the widescale misselling of pension transfers, there is a significant risk you did not receive the correct advice. As a result, you may be eligible for Final Salary Transfer Compensation.
The Financial Conduct Authority (FCA) has recently stated that many independent financial advisers provided BAE Systems pension holders with negligent advice. These advisers failed to consider the suitability of the transfer, and mis-sold salary swap products to BAE workers by transferring them to inferior or risker schemes. This negligent advice caused BAE pension holders to lose their valuable retirement funds.
Even worse, some independent financial advisers were only thinking of their own best interests. They worked on a “contingent fee” basis. That means that they only got paid if they switched clients to fixed pension schemes. S0 some advisors mis-sold salary swap products and suggested that BAE workers should trade in final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV). However, it is only in extremely rare circumstances that this swap would be beneficial. Indeed, such swaps are actually very risky – in almost all cases, you should avoid DB transfers.
If your adviser suggested that you trade in your Barclays BAE pension for any kind of fixed pension, you may be entitled to make a Final Salary Transfer Claim and receive Final Salary Transfer Compensation to recoup some or all of your lost income.