If you worked for one of the local authorities in the West Midlands, you were likely enrolled in the West Midlands Metropolitan Pension Fund, which included some final salary pensions. Final salary pensions are rare and desirable, and there are very few reasons why someone should ever consider transferring into a private, fixed scheme.
Were you ever advised to switch away from your West Midlands Metropolitan pension? If so, you could be entitled to final salary transfer compensation. But first, you need to open up a final salary transfer claim.
The Financial Conduct Authority (FCA) has issued a warning to West Midlands Metropolitan pension holders. Independent financial advisers are targeting final salary pension holders for their missold DB transfer schemes. They don’t consider the suitability of these transfers and offer negligent advice to swap to risky fixed private pensions. While they hype up the benefits, in reality, a missold salary swap can cause you to lose more than 50% of your retirement savings.
These independent financial advisers are only paid on a “contingent fee” basis – they only earn income if they execute a missold DB transfer. This can cause advisers to put their own financial interests above their clients’ interests. Does this sound familiar?
If you are the victim of a missold DB transfer, you could be entitled to defined pension compensation – read ahead.
If you worked for a West Midlands local council, you were likely enrolled in the West Midlands Metropolitan Pension Fund. Some of these pensions were the rare and desirable final salary pensions.
Final salary pensions are a type of Defined Benefit pension that continues to pay out for the rest of your life, no matter how long you live. They keep up with the rate of inflation and don’t have any admin costs or fees. However, private fixed pensions are finite – when the pot is empty, the money is gone. You could be left destitute in your retirement years.
As you can see, final salary pension transfers are unsuitable for nearly everyone. But that hasn’t stopped unscrupulous financial advisers from recommending missold salary swaps. They’ve suggested that people like you trade in their final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV). They take a big cut from the CETV, recommend a fixed pension, and leave you struggling in your old age.
Your West Midlands Metropolitan Pension is extremely valuable, and in almost all cases, transfers are unsuitable. If your financial adviser suggested that you take a CETV and invest in a fixed pension instead, they might have been negligent. If so, you can make a Defined Pension Claim, which will help you recoup some of your lost pension money.
Allegiant can help you make a successful final salary transfer claim to get the final salary transfer compensation you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.