Dolphin Workplace Salary Pension Claim
Were you talked into transferring your final salary pension to a risky Dolphin Pension Trust Sipp? If so, you could be eligible for final salary transfer compensation.
The Dolphin Pension Trust (now known as the German Property Group (GPG)) is an unregulated property investment scheme sold to unsuspecting British pension holders. The company specializes in refurbishing listed German properties into luxury flats. Founded in 2008, GPG has since reined in more than £900 million of investment from clients worldwide.
The problem started when independent financial advisers convinced final salary pension holders to swap their desirable pensions for a cash payout, taking big commissions off the top. With the rest of the money, they encouraged investment into Dolphin Pension Trust/ GPG Sipps (Self-Invested Personal Pensions). While some of the early adopters saw good returns, the scheme is now faltering, and pensioners are losing a lot of money.
The Financial Conduct Authority (FCA) has raised the alarm bell about missold salary swap schemes like this one. They urge caution when dealing with independent financial advisers who recommend swapping away from reliable final salary pensions. These advisers do not consider the suitability of pension transfers for individual clients and are instead motivated by their own financial interests.
If you were the victim of a missold DB transfer, you could be entitled to defined pension compensation – read ahead.
What is a Dolphin Pension Trust Transfer?
Final salary pensions, also known as defined benefit pensions, are very rarely offered today. They are considered highly desirable because they continue to pay out for as long as you live, and they keep up with the rate of inflation. That means you will always be able to afford your current standard of living.
On the other hand, private pensions are fixed. They are subject to market rates, and they do not keep up with inflation. Your private pension pot is limited – when the money is gone, it is gone. That means you can end up destitute during your retirement years if you outlive your pension money or the market takes a turn for the worse.
As you can see, final salary pensions are very desirable and valuable. This has caused unscrupulous independent financial advisers to look for ways to cash in on these products – missold DB transfers are a bigger problem than ever. Pension holders like you have been advised to trade in their final salary pension for a ‘Cash Equivalent Transfer Value’ (CETV) and to use this payout to invest in Dolphin Pension Trust Sipps. They make this sound like a great opportunity when in reality, many pension holders have seen their income drop by 50%.
Do you qualify for Final Salary Transfer Compensation for your Dolphin Pension Trust Pension?
It’s rare for this kind of missold salary swap to benefit the pension holder. Other than in cases of terminal illness, taking a CETV can substantially reduce your pension earnings later in life. If you were advised to make this swap, you could be eligible to make a defined benefit claim, and you could receive defined benefit compensation.
If you were advised to invest in the Dolphin Pension Trust with your CETV, you are likely a missold salary swap victim. Our expert Allegiant team can help you get the salary swap compensation you deserve.
To have your prospects assessed by our specialist team, simply fill in our online form.
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