In the past, Northern Foods offered their employees a desirable final salary pension. If you worked for Northern Foods, you might have been cold-called by an independent financial adviser. They encouraged pension holders like you to swap their Northern Foods pensions for a cash payout and private pension scheme and took a big commission right off the top. Does this sound familiar?
If so, you may be the victim of a missold salary swap. The Financial Conduct Authority (FCA) has warned Northern Foods pension holders about negligent financial advisers. These advisers target people like you in hopes of earning big commissions from their bad advice. In some cases, they failed to consider the suitability of the missold DB transfer and made an honest mistake.
However, in other cases, they misled clients on purpose and gave bad advice that caused them to lose up to 50% of their future retirement income. Thankfully, you may now be eligible to make a final salary transfer claim. If successful, you are entitled to defined pension compensation – read ahead.
In the past, Northern Foods offered their employees a desirable defined benefit pension based on either a) a career average of your earnings, or b) your final salary. They keep up with the pace of inflation, so you’ll never be ‘priced out of your lifestyle or your home. When the cost of living increases, so too will your income.
Independent financial advisers suggested that Northern Foods pension holders cash in their valuable defined benefit pensions for a CETV cash payment. Of course, they take a hefty commission off the top and suggest you invest in a private pension with your lump sum. What they don’t tell you is that private pensions are inferior products. They are tied to the market, which means you can lose your income overnight. Even worse, they charge high fees and admin costs.
By the time you start drawing on your pension, this missold salary swap can cut your income in half. You could end up destitute in your retirement years.
It’s extremely rare for a pension transfer to benefit you. Unless you or your spouse is dealing with a terminal illness, a pension transfer will negatively impact your future income. If your adviser recommended a missold DB transfer, you could be entitled to defined pension compensation. If successful, you’ll recoup some of what you lost.
Our expert Allegiant team is experienced with Northern Food’s final salary transfer claims, and we can help you get the salary swap compensation you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.