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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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.
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