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Defined Benefit Pensions

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Now rarer than in past decades, a Defined Benefit Pension is still regarded as a reliable and valuable thing to have for retirement, promising a guaranteed income in retirement.

If you have a final salary pension or Career Average pension, or have had either in the past, finding out more and understanding your defined benefit pension now may make all the difference in retirement.

Spencer Churchill Claims Advice specialise in mis-sold defined benefit pension transfer claims, having experience claiming money back from mis-sold pensions.

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We are here to rewrite the book for you. 
And luckily we are pretty damn good at creating happy endings.

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We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.


When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.


We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.

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What Features Does A Defined Benefit Pension Come With?

There are many important features of a defined benefit pension, most of which are considered to be quite valuable by today’s standards:

  • Guaranteed: Defined benefits pension plans promise to pay a certain amount on retirement
  • Protected: DB pensions are protected by the Pension Protection Fund up to 90% of their total value
  • Index-Linked: Which often helps their value keep pace with inflation
  • Death Benefits: Which may pay a sum to a spouse or dependent children should the scheme member die before retirement
  • Free: The schemes are operated free of charge to members
  • Early Retirement: May be available at the trustees’ discretion, or in the event of serious illness
  • Tax-Free Draw Down: Is often available at the age of 55, or younger in the event of ill-health.

Transferring Defined Benefit Pensions

Despite the numerous valuable features of defined benefit pensions, many people are advised to transfer these pensions to private pension plans, often after cold-calls from pension introducers.

The Financial Conduct Authority rules and guidelines are clear: Defined Benefit pensions should only be transferred if the move is suitable and beneficial for the scheme member, which is only in fairly rare circumstances.

But many people receive negligent financial advice to transfer a defined benefit pension, which may lose them money in the transfer, or in the long-run due to investment under-performance or collapse through SIPPs – a big cause for a mis-sold pension complaint!

Many people do not realise they are losing money as their pension appears to be growing.

But if the pension growth does not match or exceed the Critical Yield, then the defined benefit pension will always be worth more than the new pension.

Mis-Sold Defined Benefit Pension Claims

If you transferred away from a defined benefit pension then you may have received negligent advice, leaving you unknowingly out of pocket.

Without realising, you may have lost money because:

  • High adviser charges may have taken thousands from your pension in the transfer
  • You may have received a CETV (Cash Equivalent Transfer Value) that does not reflect the value of your old defined benefit pension
  • Your new pension may not be matching or exceeding the Critical Yield
  • Your new pension investments may present an unsuitably high risk
  • You may have lost your guaranteed income in retirement

Going through the mis-sold final salary pension transfer claims process could be a way to fight back on a no upfront costs basis

Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.

*Figures calculated before deduction of Success Fee and taxes

Do you know how people complained about mis-sold investments and pensions in the last year?

A lot. Over twenty thousand complaints were made about mis-sold investments and pensions in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.

People receive poor financial advice every day. Sometimes they don’t even realise that they’re owed whopping amounts of compensation.
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Have You Been A Victim Of Financial Mis-Selling?

Answer a few questions and find out if you have good grounds to make a financial compensation claim:

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Were you told to invest all, or most, of your savings into a single product?

Reaching out for help is never easy,
especially if you’ve been misled in the past.

But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.

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Spencer Churchill Claims Advice featured on:

  • The Herald
  • Southern Daily Echo
  • Manchester Evening News
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Regulated Solicitors Regulation Authority

Spencer Churchill Claims Advice Will:

  • Speak to you in plain English
  • Provide you with a dedicated claims specialist
  • Pay attention to the small details of your case
  • Keep you up to date with the status of your claim
  • Make sure you understand our charges
  • Do absolutely everything we can to win your claim

Speak to an expert today

We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat. 

Call: 01204929929

Office Hours:

Monday: 8:00am–6:00pm
Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
Friday: Office Closed

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