Are you the victim of a missold DB transfer for your Strathclyde pension?
If you worked for local councils and public institutions in Scotland, they might have enrolled you in the Strathclyde pension scheme. Depending on when you joined the scheme, you may be entitled to a final salary pension, an increasingly rare type of pension. Final salary pensions provide a guaranteed income in your retirement years, based on the final salary of your career.
If you once held a Strathclyde pension but were convinced to switch to an inferior private pension scheme, you may be the victim of a missold salary swap.
The Financial Conduct Authority (FCA) warns Strathclyde pension holders to be wary of independent financial advisers putting their own financial concerns above their clients’ needs. In many shocking cases, they failed to consider their clients’ unique circumstances and instead focused on earning a commission.
These negligent financial advisers were often only paid on a “contingent fee” basis. They failed to warn clients like you about the risks of a missold DB transfer and caused people to lose their valuable final salary pensions.
If any of this sounds familiar, you may be entitled to make a defined pension claim, and the expert Allegiant team can help. If successful, you could receive the final salary transfer compensation you deserve.
If you worked for a Scottish council or public institution, you might have been awarded a Strathclyde final salary pension. These pensions are often considered ‘gold plated’ – they are extremely desirable. This desirability has made them the target of missold DB transfer scams.
Final salary pensions are often called defined benefit pensions. They continue to pay out monthly for the rest of your life, no matter how long you live. DB pensions keep up with the rate of inflation, ensuring that you’re never priced out of your standard of living, and they have no fees or admin costs.
Negligent financial advisers gave bad advice to clients like you, recommending that they cash in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV). They took hefty commissions from the CETV and advised that clients invest the remainder in a private pension scheme. In many cases, they also earned commissions for enrolling new clients in the schemes.
Private pension schemes are risky and are not suitable for most retirees. Trading a final salary pension for a private scheme is a big downgrade, and it’s only beneficial in rare circumstances.
Pension transfers are usually unsuitable, and they’re especially risky when making the transfer from a final salary pension to a private scheme. If your financial adviser recommended this to you, they were likely negligent.
Thankfully, you can now open a defined pension claim, and Allegiant can help. If successful, you could be eligible for final salary transfer compensation.
To have your prospects assessed by our specialist team, simply fill in our online form.