BA (British Airways) Workplace Salary Pension Claim
Did you have a British Airways pension? Were you advised to switch your final salary BA pension to a fixed pension with a private scheme? If so, you may have been missold salary swap products and duped out of your hard-earned retirement savings. There is an epidemic of missold DB transfer advice out there, and so there is a good chance that you did not receive the correct advice.
The Financial Conduct Authority (FCA) has warned pension holders about independent financial advisers providing negligent advice. The advisers didn’t consider the suitability of the transfer for their clients, and they transferred them to risky and/or inferior schemes.
Even worse, in some cases, the advisers knew full well what they were doing. They were only paid on a “contingent fee” basis, which means they only got paid if they switched their clients. They missold DB transfers to line their pockets.
Our expert Allegiant team is here to help you start a final salary transfer claim. If successful, you may be eligible for final salary transfer compensation, which can help you recoup some of the money you lost.
What is a British Airways Pension Transfer Claim?
Working for British Airways afforded you an enviable final salary pension. However, if you were duped into a missold salary swap, you lost your valuable pension based on bad advice.
Final salary pensions are also known as defined-benefit pensions. They are so desirable because they continue to pay out for the duration of your life, regardless of how long you live. They also keep up with the rate of inflation, so you can live the life you are accustomed to enjoying. They also have no associated fees or costs.
On the other hand, private pensions are loaded with fees and annual costs. They are not pegged to inflation, and they are not limitless. That means that when they run out, you’re out of money. In some cases, they’re tied to risky investments and scams, and you could go from comfortable to destitute in the blink of an eye.
Unscrupulous financial advisers convinced people like you to trade their BA final salary pensions for ‘Cash Equivalent Transfer Value’ (CETV). They advised that you could trade in your CETV for a fixed pension with a private scheme. However, there are very few instances where this is beneficial. Unless you have a terminal illness, you should not make this switch, and you should mistrust anyone who suggests you do.
Do you qualify for Final Salary Transfer Compensation for your British Airways Pension?
If your financial adviser suggested a final salary pension transfer, they likely made a negligent recommendation. Their recommendation cost you a huge amount of money and lowered your financial stability in your retirement years. Thankfully, you do have legal recourse. You could be entitled to make a defined pension claim so you could recoup some of the money you lost during the missold salary swap.
The Allegiant team can help you launch a final salary transfer claim. We can help you reverse the financial damage and help you get the salary swap compensation that you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.
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