If you worked for one of the Merseyside local authorities, you might have been awarded a Merseyside pension fund pension. If you were advised to switch pension schemes, you may have been mis-sold DB transfer products. If so, you could be eligible to open a final salary transfer claim.
The Financial Conduct Authority (FCA) has issued a warning to final salary pension holders. They have expressed concern that independent financial advisers are providing negligent advice to pension holders like you. These advisers missold salary swap products without considering the suitability of pension transfers for specific clients. As a result, people like you have lost up to 50% of their future retirement earnings.
Shockingly, some independent financial advisers gave misleading advice on purpose. They were only paid on a ‘contingent fee’ basis and only earned commissions if they switched your pension to an inferior scheme. They put their own financial interests before their clients’ interests. Does this sound familiar? Continue reading ahead.
If you worked for a Merseyside local authority, you were likely enrolled in the Merseyside Pension Fund. Until recently, Merseyside offered final salary pensions, also known as a defined benefit pension. These pensions continue to pay out for as long as you live and keep up with the rate of inflation. When the cost of living rises, so too do your monthly payments. Final salary pensions, rarely offered today, are often considered the gold standard.
These desirable pension plans have attracted scammers and negligent financial advisors. Sadly, Merseyside Pension holders have been duped into mis-sold salary swap schemes. People like you were advised to trade in their lucrative final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV).
It is exceedingly rare for a CETV to make financial sense for any client, other than in cases of a terminal illness. Dodgy advisers talked their clients into transferring their Merseyside Pension Fund pensions to a CETV, which they could then use to invest in a private pension. They downplayed the risks of private pensions and made off with hefty commissions.
Private pensions are fixed, limited, and tied to the market. If the stocks tank, so too does your income. Worst of all, when the money runs out, it runs out – and you can be left penniless in your retirement years.
Are you a victim of a missold DB transfer? If your adviser talked you into a missold salary swap, you could be eligible to make a salary swap claim. If successful, you could be awarded defined benefit compensation to help you recoup your lost income.
Our expert team can help you make a successful final salary transfer claim, getting you the salary swap compensation you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.Apply Now
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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.
As of the 1st March 2022 we have implemented a new fee structure which we have explained below. If you signed your contract with us prior to the 1st March 2022, please refer to your signed claims pack for our previous fee terms.
Our fees are owed upon a successful claim and will depend on the Gross Compensation you receive. “Gross Compensation” means the amount awarded to you whether this is paid directly to you or paid into an investment or pension, and prior to any deduction of any income tax due to HMRC on your award. Please refer to the definition of “Gross Compensation” and Section 5 of our Terms of Engagement for further information including a table showing how our fees work in different scenarios.
If successful, your fee will be calculated based on which band your redress falls into and will be charged by whichever is the lowest of:
The below table outlines the redress bands, the maximum percentage rate of charge and the maximum total charge is for each band.
|Band||Redress||% Charge (with VAT)||Maximum charge (with VAT) (£)||Maximum charge (without VAT) |(£)|
|1||1 – 1499||36%||504||420|
|2||1,500 – 9,999||33.6%||3000||2500|
|3||10,000 – 24,999||30%||6000||5000|
|4||25,000 – 49,999||24%||9000||7500|
Examples of how this would work in practice:
|Band||Lower example||Higher example|
|1||You receive £100 in redress; our fee would be £36.||You receive £1499 in redress; our fee would be £504.|
|2||You receive £1,600 in redress; our fee would be £537.60.||You receive £9,999 in redress; our fee would be £3,000.|
|3||You receive £12,000 in redress; our fee would be £3,600.||You receive £24,999 in redress; our fee would be £6,000.|
|4||You receive £30,350 in redress; our fee would be £7,284.||You receive £49,999 in redress; our fee would be £9,000.|
|5||You receive £55,000 in redress; our fee would be £9,900.||You receive £100,000 in redress; our fee would be £12,000.|
Please note, the above fee examples are for illustration purposes only. They are not an estimate of the likely outcome or fee you will need to pay. Each claim depends on its own merits.
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 protected]; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uk/compliance/cancellation.
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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.
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.