Were you misled into a Rolls Royce pension transfer? Did a financial adviser convince you to make a missold salary swap that has negatively impacted your future finances? If so, you can now make a final salary transfer claim and recoup some or all of the money that you lost.
The Financial Conduct Authority (FCA) has issued guidance to final salary pension holders, warning them about independent financial advisers and missold DB transfer scams. Financial advisers have given negligent advice to people like you, talking them into defined pension transfers that did not suit their needs.
In some shocking cases, independent financial advisers only got paid on a “contingent fee” basis. They earned big commissions if they could convince clients to make the switch, and put their own financial interests above their clients’ interests.
If any of this sounds familiar, you may be the victim of a missold DB transfer. Thankfully, you can now make a salary swap claim. If successful, you could be eligible for salary swap compensation.
If you have ever been employed by Rolls Royce, you were awarded a Rolls Royce pension. Until recently, Rolls Royce offered their employees the gold standard in pensions – a final salary pension.
Final salary pensions are also known as Defined Benefit pensions. They are highly desirable because they continue to pay generous monthly payments, based on your final salary with the company, for the rest of your life. Final salary pensions keep pace with the rate of inflation, so even when the cost of living increases, so too does your income.
Negligent or dodgy Independent Financial Advisers might suggest that you trade in your final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV). They’ll hype the benefits of using a CETV to invest in a private pension. However, private pensions are tied to the market. As the market fluctuates, so too does your pension pot. This means that if the market takes a tumble, so too can the value of your pension.
They’re also limited – when the money is gone, it’s gone, which could leave you destitute in your golden years.
It’s very rare for a final salary pension transfer to benefit you. In fact, these missold DB transfer schemes often only benefit your financial adviser, who makes off with a big commission and leaves you in the lurch.
Thankfully, you can now make a missold salary swap claim and recoup some of your lost income.
If you were given negligent or misleading advice about your Rolls Royce pension transfer, we can help. Our expert team can walk you through the process and help you get the defined pension compensation you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.Apply Now
In this article, Allegiant’s Pensions & Investments Manager, Andy Ramsay, explores the fundamental differences between the Court and Ombudsman routes for resolving pension & investment claims. The article highlights key differences in:-
Andy further explores outdated preconceptions about Claims Management Companies. This short summary is essential reading for anyone planning on making a pension or investment claim with the assistance of a CMC or law firm.Click to Read
You may have heard of the Financial Services Compensation Scheme (FSCS), but do you fully understand its vital role within the UK’s financial services sector? In this short piece, we look at:-
This article will be of particular interest to anyone with a potential compensation claim against a financial service provider that has collapsed.Click to Read
The Financial Conduct Authority (FCA) has identified ‘serious and ongoing failings’ by both Individual Financial Advisers (IFAs) and Self-Invested Personal Pension Providers. Typically, mis-selling is related to the “wrong” type of investor being given poor or misleading advice as to what investments were relatively safe and right for them. In this summary, we look at What a SIPP is, and how they have been mis-sold, together with the FCA’s review into sector malpractice.Click to Read
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.