Were you misled into transferring your Premier Foods pension? If you are the victim of a missold salary swap, you may be entitled to make a defined pension claim. The expert team at Allegiant can help you with The entire process, helping you get the salary swap compensation you deserve.
The Financial Conduct Authority (FCA) Has issued a warning to Premier Foods pension holders. They’ve expressed concern that certain independent financial advisers have provided false information and negligent advice.
Some financial advisers failed to consider their clients’ specific circumstances and encouraged them to transfer their Premier Foods final salary pensions to risky schemes. They believed they were giving good advice but were negligent or careless. However, in other situations, financial advisers gave bad advice on purpose to earn commissions. They were only paid on a ‘contingent fee’ basis and only got paid if they convinced their clients to switch.
If any of this sounds familiar, you may have been missold salary swap products. If so, you could be eligible for final salary transfer compensation, and we can help.
Premier Foods offered their employees a handsome final salary pension, also known as a defined benefit pension. This type of pension is often considered the gold standard in the UK and is rarely offered today.
Why are final salary pensions considered so desirable? Unlike the majority of today’s private schemes, they continue to pay out for the rest of the recipient’s life. No matter how long you live, your Premier Foods’ final salary pension will continue to pay. In contrast, private pensions draw from a limited pot – once they’re gone, they’re gone. If you outlive your pension pot, you could end up penniless in your retirement years.
Final salary pensions are pegged to the rate of inflation – when the cost of living increases, so too will your payments. This ensures you will maintain the standard of living to which your accustomed. Even better, they don’t have the high fees and administrative costs of private pensions.
Independent financial advisers, some of them working for reputable firms, advised people like you to trade in their Premier Foods final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV). They took a commission off the top and then advised that clients invest the rest into an inferior private scheme. Shockingly, these schemes can reduce your future income by more than 50% when compared to your Premier Foods pension.
Advisers misleadingly promoted this as a wise option, when in fact, it was anything but. They missold DB transfers to people like you – but thankfully, you now have recourse in the form of a final salary transfer claim.
A knowledgeable and trustworthy financial adviser will very rarely suggest a pension transfer – they are only beneficial in cases of a terminal illness. If you were missold DB transfer products or advised to take a CETV, you can now make a defined pension claim. If successful, you could be entitled to defined pension compensation.
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.