Featured on BBC One’s Northern Justice & Morning Live

Search

Pension and Investment Claims

Mis-Sold Workplace Pension Transfer Claims

Quick Guide

  • It is rarely a wise decision to transfer out of a final salary, defined benefit, or company pension scheme. Before making any decisions about transferring your pension funds, please seek advice from a financial adviser who can provide personalised information tailored to your specific situation.
  • The Financial Conduct Authority (FCA), a government watchdog which oversees financial services in the UK to ensure that they are fair and transparent for consumers like you, has highlighted issues with the guidance given by 76% of firms advising on pension transfers.
  • If you have transferred your pension, you may have missed out on thousands. TLW Solicitors can assist you in claiming any funds owed to you from the workplace pension scheme.
Start Your Claim Request a Callback

Related Services

Pension transfer claims can happen if you were wrongly advised to transfer your final salary, defined benefit scheme.

Have you transferred out of your workplace pension scheme?

Final salary or defined benefit promise a guaranteed payout, like “1/60 of your pay per year of service upon retirement.” These plans often ensure a pension based on either the average earnings throughout one’s career or a fixed percentage of their final wages. The longer you work, the higher your benefits. While post-retirement increases are somewhat flexible, they must meet legal minimums.

Financial advisers sometimes advocate transferring out of your workplace’s final salary pension scheme. Doing this is rarely wise, yet many people fall victim to negligent advice and make the switch.

TLW Solicitors excel in financial mis-selling cases, helping clients secure compensation for negligent pension transfer advice.

Start your pension transfer claim online today, request a callback or call TLW Solicitors on 0800 169 5925.

What is final salary pensionable pay?

+ −

Defined benefit pensions, also known as final salary schemes, are a game-changer for retirement planning. Unlike traditional savings, they promise a lifetime income based on your terminal or average salary. Whether it’s a lump-sum payment or regular installments, the benefits are generous and even extend to death benefits.

Final salary schemes offer a reliable and steady retirement income. To transfer this into a riskier investment, one must have exceptionally good reasons.

Getting the right financial advice is crucial. The Financial Conduct Authority has set up strict guidelines to prevent pension transfer mis-selling. If you suspect poor guidance, contact us now to explore your options together.

Who is affected by defined benefit pension transfers (final salary transfers)?

+ −

People who worked in the public sector or nationalised industries, such as those listed below, may have been a member of a defined benefit/final salary employer pension scheme:

Compensation for negligent financial advice in transferring your pension

+ −

In June 2020, the Financial Conduct Authority (FCA) announced measures to address issues in the defined benefit pension transfer market. Since their inception in 2015, Government-endorsed pension freedoms have been flagged by the FCA as a source of consumer harm.

Mis-sold defined benefit pensions can devastate your retirement plans. TLW Solicitors specialise in helping clients who have been given negligent advice on this.

No matter if you moved your pension years ago or the financial adviser has shut down, you can still claim compensation.

Many clients remain unaware of the substantial losses they have incurred from mis-sold pension plans until our expert financial mis-selling lawyers provide an updated valuation. At TLW Solicitors, we specialise in reclaiming these losses from mis-sold defined benefit (final salary) transfers. Contact us today to discover if you have a claim.

Defined Benefit Pension Claim FAQs

+ −

What is a Defined Benefit pension scheme?

Defined benefit or final salary pension schemes are highly reliable. They guarantee a specific payout from retirement until life’s end based on set criteria.

Which employers provide a Defined Benefit Pension Scheme?

Defined benefit and final salary pensions often come with high costs for employers, making them the domain of large companies, government bodies like the NHS, emergency services, the armed forces, local authorities and former nationalised industries such as coal mining, shipbuilding, steelworks and rail.

What should I do if I have lost out by transferring out of my Defined Benefit Pension Scheme?

Has transferring from a defined benefit or final salary pension scheme left you financially shortchanged? Reach out to TLW Solicitors today.

Our team is eager to offer a no-obligation consultation to assess if your transfer advice was suitable. We can then explore your options for making a compensation claim.

How long will a compensation claim take?

The claims process differs per case and depends on the status of your financial adviser. If they are out of business, your claim goes to the Financial Services Compensation Scheme (FSCS), a government-backed entity that compensates those who lost money from failed financial firms.

Speeding up the process is easier without disputes. In high-value cases, advisers might defend their advice as appropriate. If they do, we can escalate the claim to the Financial Ombudsman Service (FOS) or initiate court proceedings for resolution.

What compensation can I claim following an unsuitable pension transfer?

If your claim succeeds, the compensation amount varies. Our financial mis-selling lawyers strive to recover every penny you lost from transferring out of your defined benefit or final salary pension scheme.

Your compensation depends on your past scheme and personal situation. We have secured substantial payouts, often reaching tens or even hundreds of thousands of pounds.

What will it cost to make a claim?

If we determine that the advice you received to transfer was inappropriate, in most cases we will handle your case on a no-win, no-fee basis.

That means if the case is unsuccessful for any reason, then you will not be charged for the work that we have done.

What sets TLW Solicitors apart when dealing with pension transfer claims?

What really sets us apart is our financial mis-selling team’s experience. Our specialist solicitors, backed by leading industry experts, excel at calculating losses from unsuitable transfer advice.

TLW Solicitors can help claim for your mis-sold pension transfer

+ −

If you are concerned that you or a loved one were not given the right advice about leaving a final salary/defined benefit pension, please call us on 0800 169 5925 or use our online form and our team will contact you for an initial, no-obligation consultation.

It is important to get advice as soon as possible as strict time limits can apply.

Start Your Claim Request a Callback

Meet Our team

Meet Sarah, who heads up our experienced Pension Claims team.

Sarah and her colleagues are on hand to help with your claim.

Request A Callback

Professional service from a trustworthy company.
I was kept informed as to the progress of my claim from start to finish.

Mr B Paterson
Full Review
Feefo logo
Half of Pension Investors in the UK Unaware of Scheme Fees.

FCA Overhauls Defined Benefit Pension Transfer Market
TLW Solicitors - FCA Survey- Defined Benefit Pension Transfers

FCA Survey: Defined Benefit Pension Transfers
Defined Benefit Pensions Losses

FCA Warns of £20bn Defined Benefit Pension Losses

Information video

2 minutes

Interview with Peter McKenna

5+ minutes

FCA explains the process

17 minutes
Important
Message

Christmas
Opening Times

December 2024

Monday 23rd: Open 9am – 5pm
Tuesday 24th: Open 9am – 1pm
Wednesday 25th – Tuesday 31st: Closed

January 2025

Wednesday 1st: Closed
Thursday 2nd: Open 9am – 5pm