Mining is a demanding profession, and many British Coal workers were rewarded with a healthy pension as part of their compensation package. However, unscrupulous financial advisers convinced many British Coal pension holders to undergo a final salary transfer. This bad advice caused them to lose out on valuable pension income that they spent years earning.
Were you missold salary swap products? If someone suggested that you switch your British Coal pension to a fixed pension, you might be entitled to final salary transfer compensation. This is a big problem across the UK, with many financial advisers misselling pension transfers to clients like you.
The Financial Conduct Authority (FCA) has warned against independent financial advisers offering negligent advice to British Coal pension holders. They are alarmed at the high numbers of pensioners being missold DB transfers – did this happen to you? These advisers mainly get paid on a contingent fee basis – that is, if they switch your pension to an inferior scheme.
Here at Allegiant, if you had a British Coal pension and were advised to transfer, we can help. A successful claim can help reverse the damage, and get you the salary swap compensation you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.
If you worked as a miner for British Coal, you likely received a solid pension, called a defined benefits pension (also known as a “DB” or final salary pension). Working for British Coal is a tough job, and your pension reflected your hard work.
It is rarely in an employee’s interest to cash in a defined benefits pension, save for in the case of terminal illness.
Final salary pensions are very sought-after – they pay out a monthly income for the rest of your life, no matter how long you live. Even better, they keep pace with the rate of inflation, so you can always live to a high standard. Final salary pensions don’t have high fees or admin costs.
Private pension schemes are nowhere near as beneficial. They offer only a fixed monthly amount, and when the money is gone, it’s gone. If you outlive your pension, you’re out of luck. That’s why final salary pensions are so desirable – they continue to pay until you pass away.
But while they’re desirable for you, they’re also desirable for dishonest financial advisers who want to cash in on your defined benefit pension. They will convince you to trade in your pension for a ‘Cash Equivalent Transfer Value’ (CETV) that is then invested into a private fixed pension scheme. They’ll take a hefty chunk out of your CETV and leave you with a missold DB transfer.
No reliable financial adviser would ever suggest that you cash in your final salary pension unless dealing with a terminal illness. If you were missold salary swap products, your adviser was negligent. You could be entitled to make a Defined Pension Claim, which will help you recoup some of the money you lost.
If you had a British Coal pension and were missold DB transfers, you could be owed final salary transfer compensation. Allegiant can help you reverse some of this damage, and give you back the money and dignity you lost.
To have your prospects assessed by our specialist team, simply fill in our online form.Apply Now
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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.
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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.