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Were you awarded membership of the Barclays Bank UK Retirement Fund – DB section as part of your employment with Barclays?
Final salary pension schemes are pretty rare these days, and are often considered to be some of the safest and most valuable pensions around, with the promise of a guaranteed income for life in retirement.
Schemes like these are rarely open to new members anymore, and if you have had a Barclays Bank defined benefit pension scheme, but were persuaded to move it, you may have received negligent financial advice to do so.
Recent studies have shown that those that transfer their final salary pension as much as 10 years before they intend to retire, could lose almost 50% of their pension benefits over time.
This is because while a final salary pension like some of those on offer from Barclays is guaranteed to pay out right through retirement until death, a private pension may run out. Even if someone were to grow their pension pot by moving to a private scheme, that money may be finite and run out, or they could be offered an annuity that didn’t match their accrual rate, meaning they are paid less than the final salary scheme would have paid out.
In worse cases, people have been known to transfer their pension and then lose hundreds of thousands in a volatile investment market, as funds unexpectedly struggle or collapse.
In a private scheme, all that risk rests on the shoulders of the scheme holder, whereas within the Final Salary scheme, it is up to the trustees to find the money to honour the pension income.
Furthermore, a private scheme will cost the pension holder to run in annual fees.
Over the past few years, several financial advisers were found to have broken or ignored the FCA’s rules about giving pension advice, leading many people to transfer their Final Salary pensions when it was not apparently in their best interests to do so.
These rules mean that advisers should be making recommendations on a case-by-case basis only, ensuring there is enough reason to move the pension (which is rare), and starting from the assumption that the transfer is wrong in the first place.
Several financial advisers have had their permission to give final salary pension transfer advice taken away as a result, and many people have been compensated for the bad advice they received.
If you’ve been persuaded to move your Barclays final salary pension, even if you think you had good reason to, it could be that you were mis-sold, and you may be able to make a claim.
The team of Case Assessors at Spencer Churchill Claims Advice can help you find out, with our FREE Initial assessment service.
Just get in touch through our website to find out if you can make a claim.Speak with a Claims Handler