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.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.