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. They caused people like you to lose more than 50% of their future retirement income!
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.