Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.

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The Armed Forces Pension Scandal

The Armed Forces Pension is a gold plated final salary pension that is designed to reflect the unique nature of service life. Armed Personnel are automatically enrolled into the pension on joining the Service. Unlike other Public Sector Pensions, it is non-contributory, and on retirement provides a guaranteed pay-out that keeps pace with inflation. There are also other ancillary benefits related to the pension. Transferring out of the Armed Forces Pension is rarely in the members best interest.

Nevertheless, this did not stop ruthless sales people and overseas companies, many of which were not regulated, recommending thousands of members to do just that. Often into wholly unsuitable, extremely risky and potentially fraudulent investments that failed. Resulting in partial or complete loss of retirement savings.

A freedom of information request confirmed that between 2010 and 2015, some 4,600 members of the Armed Forces Pension Schemes transferred their pension benefits to non-defined benefit schemes, such as other private or occupational pension schemes.

Do you qualify for Pension compensation?

·       Did you transfer your Armed Forces pension into an Pension or investment and lost money as a result?

  • Did the advisor fail to explain that you would lose all the safe guarded benefits that came with your military pension?
  • Discovered that you could not access your pension or investment?
  • Was hit with high fees and charges?
  • Received an unexpected and excessive tax bill?

 

If the answer is yes to any of the above, then you may have been a victim of pension mis-selling.

Fortunately, the government has made funds available to help compensate people like you who were mis sold pension and investment products. Our team can help you determine if you qualify for these funds. Apply online today for an information pack to learn more.

Claiming for Free Yourself

Good to know: You do not need to use a claims management company to make your complaint to your pension provider or intermediary. If your complaint is not successful you can refer it to the Financial Ombudsman Service or the Pension Ombudsman yourself for free if the firm is still trading. For eligible failed firms, you can refer a claim to the Financial Services Compensation Scheme for free.