Vauxhall Motors offered their employees a handsome pension package. Until recently, many Vauxhall employees benefited from desirable defined benefit pensions, including final salary pensions.
Did a financial adviser convince you to swap your valuable final salary pension for an inferior fixed scheme? If so, you are likely the victim of a missold salary swap. The Financial Conduct Authority (FCA) has issued warnings to Vauxhall pension holders, advising them to be wary of misleading and negligent advice from independent financial advisers.
Independent financial advisers, many of whom only received commissions on a ‘contingent fee’ basis, failed to consider their clients’ unique needs. Instead, they recommended missold DB transfer products that they knew were not a good fit, causing them to lose their valuable retirement savings. They put their own incomes above their clients’ best interests. Does this sound familiar?
If so, you are a victim of a missold salary swap – and we can help. Allegiant can help you file a defined pension claim and get the defined pension compensation you deserve.
If you worked for Vauxhall Motors, you might have been enrolled in a final salary pension. Though rarely offered today, final salary pensions are extremely desirable pensions that payout at the rate of your final salary for the rest of your life. On the other hand, fixed pensions are finite – when the money runs out, it’s gone forever.
They continue to keep up with the rate of inflation, so you’ll never be priced out of your standard of living. They don’t charge fees or come with any associated admin costs, unlike fixed private pensions. There are very few reasons why anyone would benefit from a final salary pension transfer, but that hasn’t stopped independent financial advisers from suggesting them to unsuitable clients.
Final salary pensions can be traded in for a ‘Cash Equivalent Transfer Value’ (CETV). Advisers suggested their clients use this CETV to invest in private fixed pensions, but not before helping themselves to hefty commissions. Victims of missold salary swaps are left with inferior pensions that are often worth less than 50% of their final salary schemes. You could end up penniless in your retirement years – but now you can make a salary swap claim.
Pension transfers are unsuitable for almost all clients. Unless you have a terminal illness, you are likely the victim of a missold salary swap. You can now make a defined pension claim – if successful, you could receive defined pension compensation.
If you had a Vauxhall pension and a financial adviser suggested you transfer, you now have legal recourse and can recoup some of what you lost. Our expert Allegiant team has a lot of experience helping people like you get the compensation that you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.