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.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.
Our small, dedicated pensions team provide a personal touch
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.