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.