Armed Forces Workplace Salary Pension Claim
If you had an armed forces pension or military pension and were advised to switch pension schemes, you may have been missold salary swap products. If so, you could be entitled to make a final salary transfer claim.
The Financial Conduct Authority (FCA) has recently expressed concern that many independent financial advisers provided armed forces pension holders with negligent advice. They failed to consider the suitability of the transfer for clients like you. This negligent advice transferred armed forces pension holders to inferior or risker schemes, causing them to lose money.
Worse still, there are concerns that many independent financial advisers were being paid on a “contingent fee” basis – meaning that they only got paid if a switch occurred. This may have led advisers to put their own income before client interests. Did this happen to you?
Were you the victim of a missold DB transfer? Find out if you are entitled to defined pension compensation – read ahead.
What is an Armed Forces Pension Transfer?
If you ever served in a branch of the British Armed Forces, you were awarded a government pension. Veterans of the Airforce, Army, or Navy often receive a slightly better pension than those in civilian careers, owing to the extra level of dedication and the physical sacrifices required. Many ex-armed forces individuals have final salary pensions.
Final salary pensions (also known as Defined Benefit pensions) payout for the rest of your life and keep pace with inflation. Even better, they don’t have any fees or associated costs. On the other hand, private pensions are based on market rates, and they go up and down with the market. They’re also limited – when the money is gone, it’s gone. No matter how long you live, a final salary pension will continue to pay.
You can trade in a final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV) that you can invest into a fixed pension from which you can draw when you reach the age of 55. It’s extremely rare for an armed forces pension transfer to benefit you, and they are often very risky. Most advisers will tell you to avoid a DB transfer.
So, as you can see, final salary pensions are very desirable, and that makes them a target for scams and missold pension products. That’s why many unscrupulous advisers missold DB transfers to clients like you, with no warning of the risks. As a result, veterans lost their valuable pensions, and are now struggling during their retirement years.
Do you qualify for Final Salary Transfer Compensation for your Armed Forces Pension?
In most cases, pension transfers are unsuitable, and your financial adviser was negligent when they recommending this to you. Thankfully, you can make a Defined Pension Claim and recoup some of what you lost.
If you had an armed forces pension and were advised to transfer, you are likely a victim of a Missold Salary Swap. We can help – with a successful final salary transfer claim, we can help reverse the damage and get you the compensation that you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.
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