If you had a Barclays Final Salary Pension and were persuaded to switch to a fixed pension, you may be entitled to final salary transfer compensation.
Were you ever employed with Barclays, and were you the recipient of a Barclays Bank UK Retirement Fund defined benefit pension? If so, you were awarded one of the most valuable types of annuities possible. However, some advisers suggested that people like you should switch their desirable final salary pension to a fixed pension. Did this happen to you? If so, you may have been missold salary swap products and given poor advice.
The Financial Conduct Authority (FCA) is concerned about this advice. The FCA recently stated that they are aware of independent financial advisers who provided Barclays final salary pension holders to switch to inferior pension products. These advisers did not take specific risks into account and gave missold DB transfer advice.
In some cases, financial advisers gave poor advice on purpose. They were paid on a “contingent fee” basis, which means that they only received payment for switching their clients. Sadly, some of these advisers put their own income before their clients’ best interests.
If you worked with Barclays in the past, you were likely compensated with a Barclays Bank UK Retirement Fund pension. This is a defined benefit pension – which means that it pays out from your retirement until you pass away. It also keeps up with inflation, ensuring that you can live a comfortable lifestyle for the rest of your years.
However, most pensions these days are private pensions that are fixed and could very likely run out before you die. They are not pegged to the market, and when the pot runs out, it’s gone. Despite this, advisers gave faulty advice and suggested their clients move their pension money from their Barclays scheme to a private scheme.
While it seems attractive at first, these annuities don’t often match your accrual rate – you lose a lot of money over time. You could lose more than hundreds of thousands of pounds, all because of negligent advice. Thankfully, it’s not too late to recoup what you lost. You may be eligible to make a Defined Pension Claim and receive compensation.
It is rare for transfers to benefit the final salary, pension holders. Despite this, unscrupulous advisers both intentionally and unintentionally missold salary swap products to their clients. If this happened to you, you might be entitled to make a Defined Pension Claim. You could recoup some of what you lost during the transfer.
Allegiant can help. With a successful final salary transfer claim, you can gain back some or all of the money you lost and get the defined pension compensation that you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.
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How our fees work in practice:
• Compensation is £1,000, the fee is £150 plus VAT £30. This means the amount payable to us is £180 leaving you with the benefit of £820.
• Compensation is £3,000, the fee is £450 plus VAT £90. This means the amount payable to us is £540 leaving you with the benefit of £2,460.
• Compensation is £10,000, the fee is £1,500 plus VAT £300. This means that the amount payable to us is £1,800 leaving you with the benefit of £8,200.
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.
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