Are you a current or former member of a UK police force? If so, you may have been awarded a Police pension, one of the best pensions to have. However, an independent financial adviser may have steered you to switch your pension and missold salary swap products to you.
Does this sound familiar? If you were advised to switch your police pension, you could be eligible to make a defined pension claim. The Financial Conduct Authority (FCA) has recently issued warnings that independent financial advisers missold DB transfer products to people like you.
These advisers failed to consider their clients’ specific needs and circumstances and transferred their desirable final salary pensions to riskier and/or inferior schemes. Shockingly, in many cases, advisers were paid on a “contingent fee” basis. This means that the adviser only got paid if they missold salary swaps. They put their own financial interests above their clients’ interests.
Here at Allegiant, our expert team has a lot of experience with final salary transfer claims. We can help you make a successful claim and get the final salary transfer compensation that you deserve.
If you worked for the Police, you were likely compensated with a final salary pension, an enviable pension that is rarely awarded anymore. Final salary pensions (also known as defined benefit pensions) are extremely desirable. That’s because they keep up with inflation and payout for the rest of your life. You can live out the rest of your life in comfort, with the peace of mind that you are taken care of financially.
In contrast, fixed pensions are private products. They draw from a limited pot, and when the money is gone, it’s gone for good. In many cases, people outlive their limited pensions.
It is extremely rare for a final salary transfer to benefit a person. However, plenty of negligent advisers convinced their clients to make this switch. They missold DB transfers and encouraged people to trade in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV) by making them sound appealing and desirable.
In reality, people lost hundreds of thousands of pounds and were left short in their golden years. Instead of the long-term security promised by their police pensions, they were left with panic and poverty.
If your adviser convinced you to make the switch from a police pension to a fixed pension with a private scheme, you might qualify to make a Final Salary Transfer Claim. If successful, you will receive Final Salary Transfer Compensation, which can help you rebuild your pension savings.
Remember – you have legal recourse if you were missold salary swap products. Start by filling in our online form, and our specialist team will assess your Defined Pension Claim.