Given the unpredictable nature of the stock market, it's little surprise that many people choose to join their company pension schemes, particularly the gold-plated, final salary schemes. Yet thousands were wrongly advised into transferring out of these schemes into personal pension plans, which offered fewer benefits. For the people involved, it was a devastating experience. Their future hopes and plans had been dashed.
What is a pension transfer?
A Pension Transfer is when someone ‘transfers' their existing pension to a new pension scheme. Here at EMCAS, we're particularly concerned about customers who've been persuaded to transfer from a company pension to a personal pension.
Because of their very nature, anyone who has had a company pension scheme may, at some time, have transferred their plan into a personal pension. However, there are only a handful of scenarios where this is a good idea. In almost all other circumstances, it's plainly wrong - and normally the result of poor advice given by an advisor who got paid commission if someone made the transfer. A customer lost all the benefits that came with a company scheme, such as employer contributions and lower administration fees. The pension they ended up with, despite the advisor's promises, turned out to be a financial disaster, at a time when they needed the funds most.
Pension Transfers are a complex area, so you'd be forgiven for feeling confused at this point. We recommend you read the statements below. If any ring a bell, then you may well have been mis-advised about a Pension Transfer - and have cause for complaint.
1. You were advised to transfer
You were actively recommended to transfer away from your company scheme despite it not being in your best interests to do so.
2. You weren't given information about how the new plan would perform or work compared to your occupational pension
Your adviser did not compare the projections of the personal pension with the occupational one you were already on. They also neglected to explain how transferring out of your occupational scheme could affect any benefits you received from that scheme.
3. You were changing jobs.
Now you might also have changed jobs and, despite the chance to join the new occupational scheme and transfer the accumulated funds of your old one, you were encouraged to transfer to a personal pension plan. If your new employer didn't have an occupational scheme you may have been advised to take the fund out of your existing scheme and move it to a personal pension plan. Both scenarios are examples of bad advice.
So what does all this mean to you?
Having read the three statements above, you may now think that you were mis-advised about Pension Transfers. If that's the case, we believe you've been the victim of financial injustice - and you have the right to complain and get the outcome you deserve.
What can you do to seek compensation?
At this point, you have two main options open to you. You can claim on your own, or you can use an expert. Now we feel it's important to stress that we can't guarantee you a payout, more money or a faster service than you would get on your own. And if anyone else claims this, then we'd advise you to avoid them.
However, we do offer an honest, expert, hassle-free service with no upfront costs. What's more, we're regulated by the Claims Management Regulator in respect of regulated claims management activities and guided by our own stringent Code of Conduct.
Understandably, you may want to know a little more about us - and whether we're right for you. If so, we'd love to tell you a bit more about ourselves - and why over 700,000 people have trusted EMCAS with their claims.
If, on the other hand, you'd like us to work for your compensation, we'd be delighted to help. If you've been mis-advised about a Pension Transfer, you're entitled to financial justice. Request a call back from one of our down-to-earth, expert advisers by clicking here.
We'll call you back at a time convenient to you and get the process started. You can then relax. We'll be doing everything in our power to win you the financial justice you deserve. Alternatively, find out if you have been mis-sold other pension-based products, such as an FSAVC pension.