Did you work for British Petroleum (BP)? BP offered their employees a handsome pension scheme that kept up with inflation and lasted your entire life. However, many former BP employees were tricked into switching their pensions. 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 only 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.