Are you the victim of a missold salary swap? Were you advised to transfer away from your Greater Manchester Pension Fund? If so, you could be entitled to final salary transfer compensation.
The Greater Manchester Pension Fund is available to employees of many different Greater Manchester institutions and organizations. This includes the University of Bolton, Manchester Metropolitan University, and ten local council authorities. Your specific Greater Manchester pension product depends on when you started with the organization. In most cases, you were enrolled in a final salary pension or a career average pension when you started. Both of these pension types are now rare and are very desirable.
The Financial Conduct Authority (FCA) warns pension holders to be very wary of independent financial advisers who recommend pension transfers away from final salary pensions. If a financial adviser has suggested you trade your Greater Manchester pension for a private pension, they are likely giving your negligent advice.
Some of these financial advisers work on a “contingent fee” basis – they only get paid if they convince you to make the switch. That means they don’t always have your best interests at heart. Instead, they provide negligent advice that doesn’t take individual circumstances into account, costing you a lot of future income.
Have you been talked into transferring your Greater Manchester pension to a risky private pension? Find out if you are entitled to defined pension compensation – read ahead.
Anyone working for Greater Manchester institutions, such as local universities and local council authorities, received a final salary or career average pension. Final salary pensions (which are also known as defined benefit pensions) are highly sought-after. They continue to pay out monthly for the rest of your life, and they’re tied to the rate of inflation. When the cost of living goes up, so too do your payments.
In contrast, private pension schemes are not as beneficial to holders. They are tied to market rates, which means that your pension earnings can disappear with a market crash. They also charge high fees, and when they’re gone, they’re gone. You can easily outlive your pension and end up broke.
Certain independent financial advisers missold DB transfers. They took advantage of final salary pension holders by convincing them to cash in for a ‘Cash Equivalent Transfer Value’ (CETV). They take a big commission from that lump sum and leave you to invest what’s left in an inferior pension product. If this sounds familiar, you may be the victim of a missold salary swap.
It’s very rare for a pension transfer to be to your benefit. If your financial adviser suggested this option, it’s highly likely that you were missold DB pension products. The expert team here at Allegiant can help you make a final salary transfer claim. If successful, you could be entitled to final salary transfer compensation to help you recoup your losses.
To have your prospects assessed by our specialist team, simply fill in our online form.