If you worked for a university until around 1992, you were likely offered membership in the Universities Superannuation Scheme. This is a desirable and valuable retirement fund that provides members with a lot of benefits. New staff members are offered a newer pension scheme, but did you know that older staff and retirees are now enrolled in the UK’s second-largest private pension scheme? The Universities Superannuation Scheme now manages more than £50 billion for its members.
The Universities Superannuation Scheme is a valuable pension plan, and it is rare for a salary swap to benefit you. Shockingly, some independent financial advisers are now under investigation for providing misleading information to their clients. The Financial Conduct Authority (FCA) has raised the alarm bell over financial advisers providing clients with negligent advice. Did this happen to you?
If you were the victim of a missold DB transfer, you now have legal recourse. You could be eligible to make a final salary transfer claim. If successful, you could benefit from final salary transfer compensation – and we can help.
The Universities Superannuation Scheme is a final salary pension, which is a type of defined benefit pension. It offers you a regular income for the rest of your life and tax relief on contributions. This pension scheme offers much-needed financial security during your golden years. So why would someone transfer away from such a reliable pension?
Simply put, independent financial advisers tricked or misled them into missold salary swap products. They encourage their clients to trade in their final salary pensions for a ‘Cash Equivalent Transfer Value’ (CETV). Advisers take a hefty commission off the top of that CETV and leave people like you to invest into a fixed pension.
Fixed pensions are risky, finite, and associated with high costs. They’re tied to the market, so if the stock market crashes you could lose everything in an instant. Worst of all, when the pension pot is empty, the money is gone. You could be left destitute during your retirement years when you need stability the most.
It is exceedingly rare for a swap away from the Universities Superannuation Scheme to benefit you. Yet thousands of pension holders receive flawed and negligent advice to transfer their pensions to inferior schemes so that their advisers can earn commissions. This negligent advice could cost you more than 50% of your future retirement payments – but you have recourse.
Thankfully, you can now make a final salary transfer claim, and Allegiant can help. If successful, you’ll receive the final salary transfer compensation you deserve.
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.
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.