Anyone who joined the Electricity Supply Pension scheme before April 2006 was enrolled in the defined benefits section. Simply put, this means that you would enjoy a final salary pension during your retirement.
However, in recent years, the Financial Conduct Authority (FCA) has issued warnings about missold salary swap products, which are more common than ever. If a financial adviser recommended that you switch your Electricity Supply Pension to a private scheme, you are likely the victim of a missold DB transfer.
Negligent independent financial advisers failed to consider the risks and suitability of these transfers for clients like you. In some shocking cases, financial advisers purposely missold DB transfers in order to earn hefty commissions, completely disregarding the welfare of their clients.
By transferring your valuable final salary Electricity Supply pension to a private scheme, you have lost out on future earnings and jeopardized your retirement income.
If any of this sounds familiar, you may be the victim of a missold DB transfer. Our expert team can help you make a final salary transfer claim and receive the final salary transfer compensation you deserve.
Prior to April 2006, nearly all electricity supply pensions were final salary pensions. These schemes, (also known as Defined Benefit pensions) continue to payout no matter how long you live. Even better, they have very low or no fees, and they keep pace with inflation. They are stable and reliable, allowing you to maintain the lifestyle to which you are accustomed.
On the other hand, private pension schemes are far less advantageous. They are based on market rates, which means that they go up and down with the market and are subject to a high level of risk. Private pensions draw from a fixed pot, and when that money is gone, it’s gone. That means you can outlive your pension pot and end up in dire straits in your final years.