Let’s us help you find out if you are eligible for £10,000s’ in compensations:
Let's check if you have a Pension Claim
If you have ever transferred your pension, it is important to check whether your pension has been sold correctly, it is more than likely you do have a claim, and here at Reclaim My Money we can help you to get back the money you deserve!
Do you have a claim?
The FCA (Financial Conduct Authority) found thousands of people could get compensation for being wrongly advised to transfer out of their Defined Benefit Pension to a Defined Contribution (DC) scheme, also known as a Final Salary Transfer. Claims against bad financial advice & mis-sold pension advice, where the firm has since ceased operating, can be paid up to £85,000 under the Financial Services Compensation Scheme (FSCS).
Let our experts find out how much you could be owed today, with a quick and free check!
Pensions transfer advice checker
If your financial adviser didn’t ask any of the following from the list below you could be eligible to start a claim for compensation:
- Details about you and your family
- Amount of money you require to support yourself and your family upon retirement
- Yours and your partner’s jobs, current pay and spending, tax band, etc
- Your plans for income in retirement and if you would be entitled to a state pension
- Yours and your partner’s health
- Yours and your partner’s other pensions, investments, and debts
- How much money you’d need to have the kind of retirement you wanted
- How much risk you were happy to take with your investments
- Whether or not you would be willing to accept a smaller amount of money for your retirement in the case that your investments don’t provide you with what you need
Who has received bad pension advice?
Most schemes now allow you to transfer your Defined Benefit Pension pot to another pension scheme. But under the rules, anyone wanting to transfer must get financial advice from a regulated adviser before doing so. But the FCA understands that financial advisers may have given you bad advice simply to get their fee, according to a charging schedule which is often known as “contingent charging”, which is to say that a client pays for such advice only if they proceed with a transfer. Last year the FCA banned contingent charging after it found cases of people being advised to transfer out of valuable DB schemes despite it not being in their best interest, meaning 100,000’s of people in the UK could have been subjected to instances where they may have been given bad advice before the ban was introduced.
How do I know if I've been given bad pension transfer advice?
The FCA says that transferring from a pension scheme isn’t the right option for most people, especially if: it’s your main, or only pension; you would rely on the income throughout your retirement; your pension scheme already met your needs; or you have dependents who might prefer some of the Defined Benefit pension features such as a guaranteed income rather than a lump sum.
Some examples of bad advice have been given:
- The contact was initiated through a cold call meaning there’s a high chance this was a scam.
- The adviser didn’t investigate your circumstances before making recommendations.
- The terms and conditions weren’t explained to you. These should always be highlighted to you to ensure you’re fully aware of the process.
- The adviser wasn’t clear about any charges you could incur.
Why Choose Reclaim My Money?
We offer a No-Win - No-Fee Service.
You will benefit from expert legal support and peace of mind.
We know what to look out for when investigating your case.
We help to get the maximum compensation paid to you.
Our solicitors have won cases when victims had been told that there was almost no chance of compensation.
We help to secure the future you deserve.
CALL US NOW 0161 504 0848
We are an FCA (Financial Conduct Authority) regulated company,
offering a No Win – No Fee Service, meaning there is no risk involved.
One of our helpful advisors is ready to help you claim back your money today!