Did you work for British Petroleum (BP)? BP offered their employees a handsome pension scheme that kept up with inflation and lasted for their entire life. However, many former BP employees were tricked into switching their pensions. It is rarely in a BP employee’s interest to move from a defined benefits (DB) pension. Were you missold DB transfer products? If you were the victim of a missold salary swap, you might be entitled to final salary transfer compensation, and we can help you make a final salary transfer claim.
The Financial Conduct Authority (FCA) has raised alarm bells about missold salary swap incidents. There are plenty of negligent independent financial advisers out there who convinced clients to switch their pensions from the more desirable final salary schemes to inferior fixed pensions.
While some advisers were simply incompetent, many others gave this advice on purpose. They knew that this missold salary swap was not good for your finances, but they wanted to earn big commissions. They got paid on a “contingent fee” basis, and they put their financial interests above yours. Does this sound familiar?
If you were the victim of a missold DB transfer, you have legal recourse. We can help you apply for defined pension compensation – read ahead.
Many former BP employees paid into final salary pensions, which are also known as defined-benefit pensions. Final salary pensions are uncommon these days, but they were a superior scheme that would payout for the rest of your life. They kept up with inflation, so you could continue to afford a good lifestyle even when costs rise. Recipients didn’t have to pay high annual costs or fees, either.
These excellent terms make final salary pension very desirable – and lucrative. Independent financial advisers, some of them working for trusted names in finance, convinced people like you to swap their pensions for a lesser product – private pensions. Private pensions are tied to market rates, so your income will fluctuate. Even worse, they’re a fixed sum – when you run out, you run out. If the market takes a turn, it can take your life’s savings with it, leaving you penniless.
Tricky advisers convinced clients to trade in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV). You can then invest this lump sum into a fixed pension – they told their clients this was more lucrative. It was – but mainly ever for the adviser. They pocketed big commissions and left their scammed clients in the lurch, struggling financially during their retirement. Missold DB transfer scams leave people panicked and duped out of their savings.
It’s very rare for a pension transfer to benefit you. If your financial adviser suggested you make the switch to a private pension scheme, you might have been missold DB transfer products. Thankfully, you now have recourse.
Allegiant can help you recoup your lost investment with a salary swap claim. If successful, you may be entitled to salary swap compensation.
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 the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-
Andy further explores outdated 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.
As of the 1st March 2022 we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.
Our fees are owed upon a successful claim and will depend on the Gross Compensation you receive. “Gross Compensation” means the amount awarded to you whether this is paid directly to you or paid into an investment or pension, and prior to any deduction of any income tax due to HMRC on your award. Please refer to the definition of “Gross Compensation” and Section 5 of our Terms of Engagement for further information including a table showing how our fees work in different scenarios.
If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:
The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.
|Band||Redress||% Charge (with VAT)||Maximum charge (with VAT) (£)||Maximum charge (without VAT) |(£)|
|1||1 – 1499||36%||504||420|
|2||1,500 – 9,999||33.6%||3000||2500|
|3||10,000 – 24,999||30%||6000||5000|
|4||25,000 – 49,999||24%||9000||7500|
Examples of how this would work in practice:
|Band||Lower example||Higher example|
|1||You receive £100 in redress; our fee would be £36.||You receive £1499 in redress; our fee would be £504.|
|2||You receive £1,600 in redress; our fee would be £537.60.||You receive £9,999 in redress; our fee would be £3,000.|
|3||You receive £12,000 in redress; our fee would be £3,600.||You receive £24,999 in redress; our fee would be £6,000.|
|4||You receive £30,350 in redress; our fee would be £7,284.||You receive £49,999 in redress; our fee would be £9,000.|
|5||You receive £55,000 in redress; our fee would be £9,900.||You receive £100,000 in redress; our fee would be £12,000.|
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.
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 protected]; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/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.
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.