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.