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.