Working for Royal Mail is a rewarding career with many benefits, including an enviable final salary pension. Did your financial adviser suggest you switch your final salary pension to a private pension scheme? If so, you have likely mis-sold salary swap products. If you received negligent advice, you could be eligible for defined pension compensation. The expert Allegiant team can help.
The Financial Conduct Authority (FCA) knows there is a problem with financial advisers and missold DB transfers. Unscrupulous financial advisers gave Royal Mail pension holders bad advice and switched them to unsuitable pensions and risky private schemes. These missold salary swaps lost their clients’ money and spoiled their retirement plans.
In some cases, independent financial advisers were only paid for their work if they switched their clients to new pension plans, even if those pensions were unsuitable. Did the same thing happen to you?
Royal Mail offered their employees at least three different pension plans: one up until 1987, one up until 31st March 2018, and the most recent one from 1st April 2018. Their earlier pension schemes offered clients a desirable final salary pension. These are increasingly rare pension schemes that offer retirees a guaranteed income in their golden years. Final salary pensions are pegged to inflation and last as long as you live.
Final salary pensions are obviously a very desirable pension to have – and they are equally valuable to scam artists. Financial advisers can get paid handsomely for transferring your pension to a private scheme. They get paid a hefty commission for missold salary swap products, taking a piece of your ‘Cash Equivalent Transfer Value’ (CETV). This CETV is meant for you to invest in a fixed pension, but dodgy advisers end up taking a big chunk of this money.
Fixed pensions are finite and limited. That means when the money is gone, it’s gone. They also come with high fees and many admin costs, and they’re tied to the market. If the market takes a dive, pension holders can lose everything and end up destitute.
If you were missold DB transfer products, you could be eligible for a defined pension claim, and you could receive compensation to help you recoup your losses.
It’s extremely rare for pension transfers to benefit you, especially if you had a post office pension. If your financial adviser suggested a transfer away from your final salary pension, you were likely given bad advice. Thankfully, you could be eligible for a defined pension claim.
The expert team at Allegiant can help you with your final salary transfer claim, ensuring that you get the compensation to which you are entitled.
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.
Allegiant always aligns great value with exceptional service. This winning formula has seen us emerge as one of the UK’s pre-eminent Claims Management Companies in recent years. See why Allegiant is a great choice below. *All information correct as at 28 August 2021.
How our fees work in practice:
• Compensation is £1,000, the fee is £250 plus VAT £50. This means the amount payable to us is £300 leaving you with the benefit of £700.
• Compensation is £3,000, the fee is £750 plus VAT £150. This means the amount payable to us is £900 leaving you with the benefit of £2,100.
• Compensation is £10,000, the fee is £2,500 plus VAT £500. This means that the amount payable to us is £3,000 leaving you with the benefit of £7,000.
NB. 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: firstname.lastname@example.org; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/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.
Our fees compare favourably to competitors. We actively encourage you to shop around.
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.