Defined benefit/Final Salary pension?
In 2017 over £20 billion was transferred from Defined Benefit Schemes (Final Salary) to Defined Contribution Pensions.*
92,000 pensions were transferred away from schemes that;
- Guaranteed to pay a minimum value on retirement for you and your spouse.
- Set to rise with inflation to ensure pension growth.
- Able to offer death in service benefit.
- Offered pension protection if anything happened to your employer.
What is a Defined benefit/Final Salary pension?
A defined benefit pension plan is a type of pension plan in which an employer promises a specified pension payment, based on salary, tenure of service and age (and other factors), rather than depending directly on individual investment returns (which is called a defined contribution plan).
Traditionally, many governmental and public entities, as well as a large number of corporations, provided defined benefit plans, sometimes as a means of compensating workers in lieu of increased pay.
Here at Money Redress, we have specialist experience in handling financial claims and understand how much your claim for compensation means to you. Our expert team members will treat all mis-sold pension claims with understanding and respect, so you feel comfortable you are making the right choice.
Can I claim?
Already more than 13,000** people have been paid compensation totalling hundreds of millions of pounds over the past five years, after being advised to put their pension savings into high-risk schemes that have gone wrong.
Many did so after having been persuaded by unscrupulous financial advisers to transfer out of safe “defined benefit” schemes that would have provided them with a guaranteed income for life.
Did you realise what you would be losing by transferring your pension scheme?
Who Offered Defined Benefit Schemes / How do I know if I have one?
Did you work in the public sector?
Most public-sector workers were offered fantastic schemes and were often targeted for pension transfers by rogue advisors.
I worked for a Bank/Bluechip Company?
Due to the rising costs of offering defined benefit schemes it is often large organisations who offer these pensions.
Have you experienced any of the below? If so, are you a victim of pension / investment mis-selling?
- Were you contacted out of the blue and offered a free pension assessment?
- Did a financial advisor advise you to move your defined benefit pension on the promise you could earn more money invested elsewhere?
- Have you retired and since realised a number of benefits you were expecting have now disappeared due to transferring your pension?
- You have received notification your pension is actually decreasing.
- Did you fully understand the charging structure?
- Are you struggling to get access to your pension?
- Have you been told you have to give notice or even sell the investment yourself?
- Do you know what you have invested in?
- Has the company you received the advice from disappeared or gone into administration?