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.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.
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.
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: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/cancellation.
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Our fees compare favourably to competitors. We actively encourage you to shop around.
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.