Teachers are some of the most important members of society. That’s why they’re often rewarded with excellent pension schemes, including the ‘gold standard’ final salary pensions.
Thousands of former teachers have been tricked out of their pensions, duped by independent financial advisers. Armed with bad advice and misleading information, these advisers missold salary swap products to teachers like you. When the dust cleared, these teachers were left with inferior pension plans and lost income.
Thankfully, missold DB transfer victims like you now have recourse. You can file a final salary transfer claim. If successful, you could be entitled to final salary compensation to help you recoup some of your losses.
The Financial Conduct Authority (FCA) warns teachers to be extra cautious when dealing with independent financial advisers. Even those affiliated with the most reputable firms have been found guilty of missold DB transfers. As they were only paid on a ‘contingent fee’ basis, they prioritized their commission payments over their clients’ needs.
If your independent financial adviser misled you into trading your desirable teacher’s pension for an inferior private scheme, you were likely the victim of a missold DB transfer scam. Our expert team can help you make a successful final salary transfer claim and get the compensation you deserve.
Though rare today, many teachers were enrolled in final salary pensions, also known as defined-benefit pensions. These enviable pensions continue to pay out for the rest of your life, no matter how long you live. They’re pegged to inflation so that your payments increase when the cost of living increases. Unlike private pensions, they don’t have any associated fees or admin costs.
In rare situations, such as a terminal illness or a spouse’s untimely death, it can be to your benefit to cash in your final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV). Even then, you stand to lose a lot of your future income, since private schemes simply can’t compete.
That didn’t stop unscrupulous financial advisers from convincing their clients to trade in their teacher’s pension for a CETV. They took a hefty pension off the top and left their clients to invest in inferior private schemes. These schemes are tied to the market, and can easily plummet in value. Worst of all, they’re limited – when the money is gone, it’s gone. If this happened to you, you could end up destitute in your retirement years.
In almost all cases, final salary pension transfers are unsuitable for former teachers. If your financial adviser recommended a missold salary swap, you could be entitled to defined pension compensation.
The Allegiant team has extensive experience with salary swap claims, and we can help you get the money you deserve. You could recoup some of what you lost, and prevent it from happening to others.
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.