Are you the victim of a missold salary swap involving your Transport for London pension?
Transport for London rewarded their employees with handsome pension packages, many of which were the ‘gold plated’ final salary pensions. These pensions are incredibly desirable because they continue to pay out for as long as you live.
Sadly, negligent financial advisers target Transport for London pension holders. They provide dubious advice and negligent advice, convincing people to cash in their final salary pensions for a cash payment. They only get paid on a contingent fee basis, so they put their own financial gain above their clients’ needs.
If this happened to you, you might be entitled to final salary transfer compensation. Our expert Allegiant team has experience helping clients make successful Transport for London defined pension claims. Keep reading – you could be entitled to defined pension compensation.
Transport for London employees benefits from an enviable pension plan. If you worked for TFL in the past, you might even be the lucky recipient of a final salary pension. Final salary pensions are a type of defined benefit pension that continues to pay you at the rate of your final salary amount after you retire. Final salary pensions are considered the finest pensions available – they continue to payout no matter how long you live.
In contrast, private pension schemes are limited – when the pot runs dry, you stop getting paid, leaving you destitute during your retirement.
Sadly, independent financial advisers have convinced TfL pension holders to trade in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV). You can use a CETV to invest in a private pension scheme you can draw from when you retire. However, most pension transfers are not to your benefit. In fact, you can lose more than 50% of your future earnings by making this switch.
Did your financial adviser trick you into a missold DB transfer? Or did they fail to take your specific financial circumstances into account before organizing the CETV? If so, you could be eligible for final salary transfer compensation.
Pension transfers are unsuitable for nearly all people. Unless you are suffering from a terminal illness, you stand to lose a great deal of future income. In fact, missold DB transfers can rob you of up to 50% of your pension earnings later in life!
Thankfully, you can now make a defined benefits claim and recoup some or even all of what you lost. Our Allegiant team has plenty of experience handling final salary transfer claims, and we can help you get the maximum amount of final salary transfer compensation.
To have your prospects assessed by our specialist team, simply fill in our online form.