If you worked for a West Yorkshire local authority, you were likely enrolled in the West Yorkshire pension fund. Many former West Yorkshire employees were awarded desirable defined benefit pensions, including final salary pensions.
Final salary pensions are often called the ‘gold standard.’ That’s because they continue to keep pace with the rate of inflation and pay you for the rest of your life. Sadly, some independent financial advisers continue to take advantage of people like you. If an adviser suggested that you transfer away from your West Yorkshire pension, you might be the victim of a missold salary swap.
You’re not alone. The Financial Conduct Authority (FCA) warns West Yorkshire pension holders to exercise extreme caution when dealing with financial advisers. Many advisers continue to suggest missold DB transfers even when they know it’s not right for their client’s needs.
They’re driven by ‘contingent fee’ commissions – they only get paid when you make the switch. That prompts them to give negligent advice encouraging you to take a salary swap for your West Yorkshire pension.
Were you the victim of a missold salary swap? Find out if you are entitled to salary swap compensation – read ahead.
Final salary pensions are a type of defined benefit pension that pays out for the rest of your life, no matter how long you live. They don’t have any admin fees or high annual costs, making them a reliable and safe scheme. In contrast, private pension schemes are subject to high fees, and they’re limited. When the pot runs out, the money is gone. You could be left penniless during your retirement years.
Independent Financial Advisers suggested that people like you trade in their West Yorkshire pensions for a ‘Cash Equivalent Transfer Value’ (CETV). They took substantial commissions from the CETV, and left clients to invest in an inferior private pension plan. These schemes are risky because they’re tied to the market. It only takes one bad day on the stock exchange to wipe out your retirement funds.
If any of this sounds familiar, you may be the victim of a missold DB transfer. Thankfully, you now have recourse.
It’s very rare for a final salary pension transfer to benefit you. If your financial adviser recommended this option, you might be the victim of a missold DB transfer. Your adviser should have assessed your financial situation and made a suitable recommendation. If they put their own commissions above your retirement income, you can make a Defined Pension Claim.
The expert Allegiant team can help you make a successful final salary transfer claim. You’ll get the final salary transfer compensation you deserve to help you recoup what you lost due to your missold salary swap.
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.
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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.
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