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Mis-Sold Final Salary Transfer Claims

Whether you’re dealing with financial advice that didn’t serve your best interests or trying to navigate the claims process, we’re here to provide clarity and support every step of the way.

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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.


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Make A Mis-Sold Final Salary Pension Claim

No one needs the stress of their retirement plans coming under threat. If you have ever transferred an index-linked defined benefit pension you may have been mis-sold, let us help you get your money back.

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How Do I Know If I Am Entitled To Pension Transfer Compensation?

No matter your circumstances, if you were convinced to transfer away from a final salary pension, you might be able to make a claim. Private pension investments can be more volatile and come with more risk, so you may have ended up worse off following a transfer.

Final salary pensions (sometimes referred to as defined benefit pensions) can be an outstanding option for many people, providing a guaranteed income for life in retirement.

That’s why you need to be careful before being advised to transfer away, because more often than not, it’s better to stick.

If you have already transferred and feel you made the wrong decision, it’s not too late to sort it out. You may have been given negligent financial advice, and it’s our job to get you back the money you may be due. Making a final salary pension transfer claim with us gives you the chance to get mis-sold pension compensation for the transfer.

Has My Final Salary Pension Transfer Been Mis-Sold?

Even if your pension has been growing since you transferred it, you may still have lost money if you made a negligent transfer, so it is still more than worth reaching out to our team.

If you have knowingly lost money due to your new pension investments, it’s probably an even bigger cause for concern and something you should look to rectify as soon as possible.

If you were:

  • Advised to transfer your pension
  • Told you would be better off transferring

…you can reach out to our team of friendly advisors. One of our experienced case handlers will be in touch to let you know if we think you can make a mis sold pension claim.

How much compensation could I be entitled to?

If you’ve been mis-sold a final salary pension, you’ll probably be wondering how much compensation you’re owed.

The honest answer is: there’s no one-size-fits all number.

Each case is unique and the compensation can vary based on factors like:

  • The Scheme you were part of
  • Length of service
  • The value of the pension
  • The losses incurred
  • The duration of the investment

While we can’t give you a universal figure, many of our clients have reclaimed significant amounts of their hard-earned money.

This compensation not only aims to cover your financial losses, but also recognises the emotional distress the mis-selling will have caused.

Get in touch today to see if you have a valid claim. We promise our team will do everything they can to get you back what you’re owed.

Don’t Leave Your Future To Fate

If you plan ahead, you may be able to avoid the feeling of losing out on what you’re owed during your retirement. Don’t wait until it’s too late to make a claim about your final salary pension transfer.

Final Salary Pension Transfer Claims FAQs

How Much Does Final Salary Pension Transfer Advice Cost?

Costs for final salary pension transfer advice vary from adviser to adviser. Some may charge a standard fee, and others may charge a percentage of the pension they are transferring.

In some cases, they may also charge for investment advice for the transfer, and may take ongoing management fees.

But how much will a final salary pension transfer cost? If you’ve taken negligent advice, it could cost thousands in losses and in some cases an entire retirement fund.

Find out if you can make a claim through a free chat with Spencer Churchill Claims Advice.

Who Does A Final Salary Pension Transfer Claim Go Against?

In most cases, the claim will be made against the advice given by the financial adviser involved. In cases where advice was given, financial advisers have the responsibility to collect enough information about their clients and give advice in their best interests accordingly.

Once we’ve built the claim, we first take it to the financial adviser if they are still running.

They can either uphold the complaint and offer compensation, or reject it.

If rejected, we can then take the claim to the Financial Ombudsman Service – an independent body who will decide if the claim is valid, and who may force the IFA to pay compensation.

If the financial adviser is no-longer trading, it may be that we take the claim to the Financial Services Compensation Scheme.
Of course, every defined benefit pension claim is a little different, but generally claims end up with the adviser, the FOS or the FSCS.

And If you’d prefer, you can make a claim to your firm directly or go through the Financial Ombudsman Service, the Financial Services Compensation Scheme or The Pensions Ombudsman.

To help we have created a mis-sold pension claim templates available online to download to help you get a better picture and guide you through the process.

Whose Fault Is Pension Transfer Mis-Selling?

Financial advisers are supposed to collect enough information to advise of final salary transfers correctly, taking into account everything about the transfer to make sure it is suitable.

But many advisers give unsuitable advice.

Sometimes this is because they haven’t collected enough information, or because they’ve not done their due-diligence in checking out the new pension arrangements.

In some cases, they may have a conflict of interest and may benefit from the transfer, either through large advice fees, commissions or because of a vested interest in the receiving investment schemes.

Of course, other factors and parties may be involved, but generally the buck stops with the adviser who had the professional responsibility to make sure the transfer was in the client’s best interests.

How Does A Final Salary Pension Work?

A final salary pension is a type of defined benefit scheme, where members are awarded a guaranteed income in retirement based on their accrual rate, years of service and the salary they finish their career on.

They are free of charge for members, and considered to be one of the most valuable and widely suitable pensions around.

Chances Of Winning A Final Salary Pension Claim

Here at Spencer Churchill Claims Advice, we have experience recovering money from mis-sold pensions on behalf of our clients, many of which were wrongly advised to transfer their final salary pension.

If you (with or without help from Spencer Churchill Claims Advice) can prove that your financial adviser or new pension provider acted negligently and against FCA rules, compensation is likely.

All of our claims start with a free initial assessment, and operate on with no upfront costs.

You can learn more about mis-sold final salary pension transfers through the UK financial services Regulator at the FCA.

I Transferred After A Cold-Call. Can I Still Claim?

Absolutely. In fact, a huge number of the mis-sold pension claims we deal with occur due when our client transferred after receiving a cold-call or ‘Free Pension Review’.

In many cases, the call came from an unregulated pension introducer – a marketing company whose job it was to generate new business for pension companies, advisers and investment companies.

Often, these companies are not FCA regulated, and a claim cannot be made against them. However, the chances are that if you were unsuitably advised to transfer a final salary pension , you may be able to make a claim against the financial adviser involved (if there was one) or the new pension company on due diligence grounds.

How Is A Final Pension Salary Calculated?

There are 3 key factors to how your final salary is calculated:

  • The number of years you’ve contributed to the scheme
  • Your salary – either the salary you are retiring on or an average
  • Your pension scheme’s accrual rate

An accrual rate is a calculation that takes a fraction of your salary and multiples it by the number of years you’ve paid into the scheme. The accrual rate fraction is usually either 1/60th or 1/80th of your salary.

How Safe Is My Final Salary Pension?

This can depend on the individual’s circumstances and the nuances of the final salary pension scheme they’re paying into. It’s worth noting, however, that the employer is responsible for safe-guarding the pension schemes and, in turn, the employee’s pension.

While it can be tempting to transfer your final salary pension because of the reputed numbers involved, it can often be attached to big risks with little – and often no – gains to be made. Especially when many people are advised to transfer on the basis of misleading or inaccurate information.

Should You Transfer Your Final Salary Pension?

There isn’t a definitive yes or no answer to this. For some individuals, transferring their final salary pension for a cash lump sum can have its benefits. However, it’s telling that regulators have tightened the rules and that recent pension transfer activity has declined.

Anyone tempted to transfer their final salary pension should approach their decision with caution and understand the risks involved first.

Can I Claim On A West Yorkshire Pension Fund Transfer?

If you worked for the local authorities in West Yorkshire you may have had a defined benefit pension or final pension provided by the West Yorkshire Pension Fund Scheme.

Some people may have been advised to move their pension from the West Yorkshire Pension Fund on  the advice they could make more money elsewhere.

For some, this may have been accurate advice. But the FCA (Financial Conduct Authority) often state that this is seldom a good enough reason to transfer a pension because of the risk-to-reward balance.

So, if you have moved your pension from the West Yorkshire Pension Fund scheme you may have a claim. We advise you to contact one of our case handlers to see if you have a claim to make.

Can I Claim On A British Airways Pension Transfer?

Transfers away from any valuable final pension scheme is rarely considered to be the right choice. This is because you’re transferring from a relatively safe scheme to, often, volatile investment markets.

If you worked for British Airways and benefited from the British Airways Pension scheme before being advised to transfer, you may be able to make a claim, which is something we’ll be able to explore.

We advise you to contact one of our case handlers to see if you have a claim to make.

Do you know how people complained about mis-sold final pension transfers in the last year?

A lot. Over twenty thousand complaints were made about mis-sold pensions and investments 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 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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