If you worked for Marks & Spencer before 1st April 2002, you might have been awarded a final salary pension. Though final salary pensions are quite rare today, they are an extremely valuable and desirable option. Sadly, a number of former Marks & Spencer employees have been duped into missold DB transfer products. They were given negligent advice to swap their desirable defined benefit pension for a risky private scheme.
If you had a Marks & Spencer pension and were advised to switch, you may be the victim of a missold salary swap. If so, it’s time to make a final salary transfer claim.
The Financial Conduct Authority (FCA) warns all Marks & Spencer pension holders to be very careful when dealing with independent financial advisers. In many documented cases, these advisers provided negligent advice that did not consider their clients’ suitability for a pension transfer. In some cases, this is a matter of negligence. However, in some shocking cases, advisers purposely misled their clients so that they could earn a hefty commission.
If you or someone you love is the victim of a missold DB transfer, you could be entitled to defined pension compensation – read ahead.
Marks & Spencer rewarded their employees with a desirable pension package called a final salary pension. Final salary pensions (also known as defined benefit pensions) are often considered the gold standard. They pay a monthly amount for the rest of your life, keeping up with the rate of inflation. When the cost of living goes up so too does your monthly pension payment.
They are far superior to private pensions, which are tied to the market and draw from a limited pot. When the money is gone, the money is gone. Unlike a final salary pension that continues to pay until you die, private pensions can leave you broke in your retirement years.
In rare cases, such as terminal illness, it’s beneficial to trade in your final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV), which is a lump sum. This is only advantageous in rare circumstances. However, some Independent Financial advisers realized they could make money with CETVs. They have misled people like you into a missold salary swap, advising them to take the CETV payment and investing it into a fixed pension.
Of course, they take a hefty commission from the CETV and leave you struggling in your golden years. A missold DB transfer can cost you secured pension earnings in later life.
If any of the above sounds familiar, you may be eligible to make a defined pension claim. If successful, you will be awarded defined pension compensation, allowing you to recoup some of what you lost.
As the victim of a missold salary swap, you now have legal recourse. The Allegiant team offers expert guidance on final salary transfer claims, and we have worked with other Marks & Spencer pension holders. To have your prospects assessed by our specialist team, simply fill in our online form.Apply Now
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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.
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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: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/cancellation.
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