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.Apply Now
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:-
Andy further explores out-dated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.Click to Read
You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-
This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.Click to Read
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.
Our small, dedicated pensions team provide a personal touch
We’ll treat your claim as strictly confidential. Your personal information is safe with us.
We’ve serviced over 100,000 clients across all service lines since our inception in 2010.
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.
Our online application system and claim audit surveys enable us to offer an efficient and convenient claims journey.