Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.

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Tobacco Company Workplace Salary Pension Claim

Have you ever worked for a tobacco company? Tobacco companies like Imperial Tobacco and British American Tobacco offered their employees excellent defined benefit pension plans. However, some pension holders have been duped into missold salary swaps. Negligent financial advisers misled clients into transferring their secure tobacco company pension plans to inferior schemes. Did this happen to you? If so, you are likely the victim of a missold DB transfer.

Your financial adviser should always err on the side of caution – their job is to assess your financial situation and make good, wise recommendations. However, the Financial Conduct Authority (FCA) has received a number of alarming complaints about missold DB transfer scams.

Independent financial advisers convinced tobacco company pension holders to cash in their pensions for a big cash payout. They took hefty commissions and then advised clients to invest the rest in inferior private pensions. In almost all cases, this is poor advice, but the advisers only made money if they made the switch. They put their own interests ahead of their client’s best interests – did this happen to you?

If you are the victim of a missold DB transfer, you could be eligible for defined pension compensation – read ahead.

What is a Tobacco Company Pension Transfer?

In the past, tobacco companies like Imperial Tobacco and British American Tobacco enrolled their employees in final salary pensions, also known as defined-benefit pensions. Rarely offered today, these pensions are regarded as the gold standard. That’s because they continue to pay out for as long as you live – there are no caps on payments.

Defined benefit pensions are pegged to the rate of inflation. When the cost of living rises, so too does your monthly payments, ensuring you can maintain a high standard of living. Unlike private pensions, they do not charge high fees or admin costs.

Negligent financial advisers recommended that clients cash in their tobacco company pensions for a Cash Equivalent Transfer Value’ (CETV). They took a big commission from the CETV, and advised clients to use the rest to invest in a private pension scheme. Private pensions are limited and finite – when the money is gone, it’s gone. You could outlive your pension and end up broke in your old age.

If you were advised to make a transfer from a final salary pension to a CETV and private pension, you were likely mis-sold DB transfer products. The expert Allegiant team can help you file a final salary transfer claim.

Do you qualify for Final Salary Transfer Compensation for your Tobacco Company Pension?

Final salary pension transfers only benefit people in very specific circumstances, such as terminal illness. If your financial adviser recommended a tobacco company pension swap, they failed to consider your needs. Thankfully, you can now make a salary swap claim, which will help you recoup some of the money you lost.

To have your prospects assessed by our specialist team, simply fill in our online form.

Disclaimer:

Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.