Since the late eighties, it has been possible to transfer your defined benefit occupational pension to a personal pension. And, possibilities of a mis sold pension are thus always a potential nightmare.
There are circumstances in which sale of such a pension transfer could be said to be good advice. For instance, where the individual wants control over their investment, the timing of taking benefits and severance of contact with a former employer.
However, many of these transactions are mis-sold pension transfers. This is because occupational schemes usually offer defined benefits, whilst a personal pension’s fund value solely rests on investment performance. If the value of the underlying funds decreases, then the benefits you receive are reduced.
Furthermore, mis-sold pension transfers can also result in the forfeiture of the benefit of any future surpluses in the employer’s fund. The benefit of Statutory Revaluation will also be lost when transferring from occupational schemes to private pensions.
If your mis-sold pension worries prove to be correct, you will be due compensation for your financial loss.
Call us on now 01442 825222 to discuss your claim in confidence.