For many people once they leave their employment with one company to join another company they are encouraged to transfer their pension which for many could be appropriate advice but for people whose previous employer offered then a Final salary pension and they were a member of that pension scheme this could result in bad advice if they have been advised to transfer their final salary pension.
This is not uncommon in the financial services industry and people are now looking into their retirement benefits more closely and discovering the advice they received to transfer their final salary was inappropriate and as a result they have lost out financially.
If you have had final salary pension advice in the past and are now concerned this may have been inappropriate then you need to get your pension transfer file audited as soon as possible as for many any compensation awarded could be life changing and allow you to live in retirement in a more comfortable manner.
Some people ask, I am already retired can I still have my pension transfer audited and the simple answer is yes if it is within 3 years of you becoming aware you may have been financially worse of as a result of the final salary transfer then you should get your case audited as soon as possible.
Other people ask, I have transferred my pension on more than one occasion can I still make a claim if the pension advice I received was wrong and again the answer is yes under the 3 year rule as stated above.
Some life changing amounts have been paid out in the past to people from various different occupations but the one thing they have all had in common was they were all transferred from their final salary schemes.
For anyone who has had this type of pension in the past then please get it audited as in most cases the advice you received at the time will have ben inappropriate and it is almost guaranteed that as a result of that advice you will have lost out financially for your retirement.
One of the main reasons people may not be compensated is if the final salary pension fund had a shortfall at the time of transfer then the transfer may have been justifiable but these circumstances are very rare in the UK as most of these pension funds have been reviewed and any shortfalls identified have had to be made up.
Final salary pension advice has not always been for the benefit of the client and the longer you worked from the employer then the compensation will automatically be higher as a result.
In the past we have helped many nurses and doctors in the NHS for being advised to transfer their pension and for being advised to take out FSAVC plans instead of AVCs with the NHS along with many other people with different employers.
If you have ever transferred your final salary scheme and would like to find out more information on how to get your file audited the visit https://mis-soldpension.com as they have more detailed information on their website.