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
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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: email@example.com; (c) by telephone: 0345 544 1563; or (d) online at https://allegiant.co.uklegal/cancellation.
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