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. In fact, data shows that taking a final salary transfer in favor of a private pension can cost you more than 50% of your future earnings.
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.