P&O Ferries Pension Transfer Claims

Government-backed City watchdog, the Financial Conduct Authority (FCA) has joined forces with The Pensions Regulator (TPR) and the Money and Pensions Service (MaPS) to work with the pension scheme to make sure that members tempted to transfer their pension following redundancy are not exploited by IFAs.

In April 2022, the FCA, TPR and MaPS jointly confirmed:

• “Current and former employees of P&O are urged not to make any quick decisions about their pension following recent media reports.”
• “The Financial Conduct Authority (FCA), the Pensions Regulator (TPR) and the Money and Pensions Service (MaPS) are raising their concerns given the heightened risk of pension transfers following recent redundancies. The FCA and TPR warn that transferring out of a defined benefit pension scheme is unlikely to be in the best interests of most people.”
• “The FCA regulates pension transfer advice and has taken significant action where it considers that firms have not met the standards of advice and behaviour expected for financial advice. The FCA is repeating its guidance to those providing advice on pension transfers that they ought to start from a position that a transfer is unlikely to be in most people’s best interest.”

TLW Solicitors specialise in helping clients who have been given negligent final salary pension transfer advice. Even if some of these transfers were made many years ago, you may still be able to claim compensation if you are a P&O Ferries worker’s widow or if the Independent Financial Adviser has gone out of business, has been taken over or changed its name.

Until we get an up to date valuation of the pension that they would have had, clients sometimes do not realise how much they have lost out, which quite often is a significant amount.