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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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.
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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@example.com; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/cancellation.
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