If you had a British Telecom pension and a financial adviser recommended that you switch pension schemes to a private pension, you may be the victim of a missold salary swap. If so, you could be eligible to make a final salary transfer claim. The team at Allegiant can help you get the salary swab compensation you deserve
Did you know that the Financial Conduct Authority (FCA) recently expressed their concern over financial advisers’ erroneous advice to swap defined benefit pensions to private schemes? It is very rare for a final salary pension swap to benefit you. If your financial adviser made this recommendation, they likely gave you negligent advice and missold DB transfer products.
In some cases, your adviser did not consider your suitability, resulting in flawed advice to transfer to a risky and unsuitable scheme. However, in many cases, an independent financial adviser is only paid on a “contingent fee” basis and only benefited if they switched you to an inferior pension product. Sadly, they put their own financial interests above their clients’ interests. Does this sound familiar?
If you were the victim of a missold DB transfer, you could be eligible for defined pension compensation – keep reading.
In the past, British Telecom employees were often offered a valuable pension option that is rarely offered today – a final salary pension.
Final salary pensions are also known as defined-benefit pensions. They are considered extremely desirable because they continue to pay out for the rest of your life, as long as you live. They also keep up with the rate of inflation, so that you can continue to live to the standard to which you are accustomed, and they don’t come with high fees or other associated costs.
All of these benefits make final salary pensions very attractive to unscrupulous independent financial advisers. They will encourage you to trade in your defined benefit pension for a ‘Cash Equivalent Transfer Value’ (CETV), from which your adviser will take a hefty commission.
You can then use this cash payout to invest in a private pension scheme, which is fixed and subject to market rates. Once this money is gone, it’s gone – plenty of pensioners have seen their hard-earned money disappear with one wrong turn of the market.
These kinds of pension swaps are rarely beneficial to the holder – instead, they are extremely risky. You’ll soon find out that you are a missold salary swap victim, and you’ve been sold a lemon.
If you were convinced into transferring your BT pension to a risky private scheme, you might be eligible to make a salary swap claim. If successful, you could recoup some of your financial losses with salary swap compensation.
We can help – with a successful defined benefit transfer claim, we can help reverse the damage and get you the defined benefit 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.