Were you employed by the NHS, or do you work there currently? If so, you likely have a desirable NHS pension – unless an adviser suggested that you switch your pension. If you switched your NHS pension to a private pension scheme, you might have been missold DB transfer products. Your adviser may not have given you accurate advice – but you have options to gain salary swap compensation.
The Financial Conduct Authority (FCA) is concerned about the number of independent financial advisers who advised NHS pension holders to make a risky switch. They didn’t consider the suitability of these missold salary swap products for individual clients. In some shocking cases, independent financial advisers received compensation on a “contingent fee” basis. They only earned income if they convinced their clients to make the switch.
If you received negligent advice from a financial adviser, you likely lost your future financial security, not to mention a lot of money. Some people have lost upwards of hundreds of thousands of pounds.
Thankfully, you do have legal recourse. You may qualify to make a final salary transfer claim, and our expert Allegiant team can help you with the process. If successful, you could receive defined benefit compensation to recoup some of your losses.
NHS workers often receive a valuable final salary pension. This type of pension, also known as a Defined Benefit pension) pays out for the rest of a person’s life. Final salary pensions keep up with inflation, which means you will always be taken care of financially. It’s no wonder so many people want these pensions – and why they have substantial financial value. It’s extremely rare for a pension transfer to be an intelligent choice for anyone with a final salary pension.
Even though they know this, many unscrupulous advisers suggest that you make the switch to a fixed pension with a private scheme. Missold salary swaps are more common than ever. Advisers take a hard-sell approach, convincing people like you to trade in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV). They can then use the CETV for a private pension to draw upon later. However, these private pensions are limited, and when the money is gone, it’s gone. You could end up destitute later in life, struggling to make ends meet.
Imagine working for the NHS and accruing a valuable pension, only to end up short on income in your retirement years. If your financial adviser suggested that you trade in your valuable NHS pension for a fixed pension or CETV, you could make a final salary transfer claim. If successful, you could receive final salary transfer compensation to recoup your lost pension funds.
Thankfully, the FCA has made missold DB transfer funds available for people like you, and we can help. Start by filling in our online form and our specialist team will assess your Defined Pension Claim.