What is a pension transfer?
Pensions can represent one of the largest assets a consumer can own alongside their home. Some advisers have been focusing on pension fund holders and members of occupational schemes, in order to persuade them to migrate their funds to new providers and products. The advice may not be suitable and may not have paid due regard to the interests of the customer or treated them fairly. This would be classed as mis-selling and a claim can be made against the adviser for providing this unsuitable advice.
Pensions are very important because poor advice can have a huge impact on the lifestyle a person can expect in retirement.
Have I been mis-sold?
You may have been mis-sold if any of the following applies:
- You were advised to transfer from an occupational defined benefit (DB) final salary scheme to a personal scheme. This can be if the DB scheme was a preserved former employers fund or, even more so, an active fund with your employer at the time.
- You were not told what valuable benefits you would be giving up if you transferred from a DB final salary scheme to a personal pension.
- You transferred from an occupational defined contribution (DC) money purchase to a personal scheme - this may have proved expensive without any benefit. If you were an active member you would have given up rights to your employer’s contributions.
- You were advised not to join a company pension scheme when you were eligible to join but were advised to take out a personal pension instead.
- You had an existing personal pension with an insurer and was advised to switch to another company which resulted in new charges.
- You were advised to switch funds to one which carried more risk, but this was not adequately explained to you or carried risk that was not appropriate for you.
- The advice you received only related to the single product the adviser wanted to sell, no other options or alternatives were discussed.
- The true cost of transferring in monetary terms was not fully disclosed.
- The plan you were advised to transfer from had a guaranteed annuity rates or other important benefits that were lost upon transfer.
- You have not received an annual review but are paying a fee for ongoing servicing.
How can Rightside help you?
Rightside have experts on-hand to check whether the advice that you received was suitable for you and that you were treated fairly. If not, we will submit a claim against the advisor on your behalf. A successful outcome could potentially result in compensation being paid for losses incurred.
If you feel this has affected you, contact us on 01392 574376 or complete the request a callback to discuss how Rightside could assist you. Alternatively, speak to an agent through our live chat.
Top providers we can help with
The Prudential Assurance
Allied Dunbar Assurance
Sun Life Assurance
Co-operative Insurance Services
Frequently Asked Questions
I transferred my pension over 30 years ago can I still complain?
Yes, you can. The firm responsible may attempt to “timebar” the complaint but our specialist team may be able to challenge and over-turn this.
My adviser said transferring my pension was the best thing to do to make it grow and if I left it where it was it would lose money.
The advice you got may have been suitable, but there may have been hidden costs, penalties or invaluable guarantees that were lost as a result of the transfer. Our specialist team will check and report to you their findings.
My pension is doing well. Why should I complain?
Since the government introduced pension freedom rules in 2015, millions have been lost to scams and fraudulent pension transfer activity. Our specialist team will check that your pension transfer provided value for money, no invaluable guarantees were lost and that it is adequately protected and secure.
I had several small pensions with different providers. I was told they needed consolidating into one single pension to make life easier for me.
This is a popular reason used for transferring pension pots, but it is not always best to hold all your eggs in a single basket.
How to get started
Complete a short online form or call us on 01392 574376
Talk to an expert advisor to discuss your potential claim
We will send you an information pack for you to return
We will start processing your claim
All complaints that we deal with can be made without charge directly to the provider. You can also complain directly to the Financial Ombudsman and Financial Services Compensation Scheme for free.