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Did You Transfer Away From The Electricity Supply Pension Scheme?

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If you joined the Electricity Supply Pension Scheme before April 2006, then that chances are you joined the Defined Benefits section, offering your a final salary type pension to retire on.

But perhaps more importantly, if you’ve transferred that pension into a private scheme, you may have lost money in the long run, and may have been mis-sold.

This is because Defined Benefit pensions like those on offer from the Electricity Supply Pension Scheme Defined Benefit section come with some pretty hard-to-beat benefits, such as the promise of a guaranteed income for the whole of retirement, no matter how long you live for.

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The scheme was opened in the 1990’s following the privatisation of the electricity industry, and if you worked for one of the participating electricity businesses before April 2006, the chances are you may well have/have had one of these pensions.

But many people are likely to have transferred away from the scheme, tempted by the idea of trying to earn more money for retirement by risking their otherwise secure pension on an often volatile market.

Can You Make A Claim For A Mis-Sold Pension Transfer?

You may have been mis-sold. Fill out your contact info below and we’ll be in touch at the best time for you.

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If a case can be put forward that shows the transfer happened because of negligent financial advice from a regulated advisers, and the transfer is likely not in the individuals best interests, then yes, a claim may be a way forward.

The FCA has a set of extensive and strict rules about what makes a final salary pension transfer a suitable option. In most cases, it is up to a financial adviser to follow these rules to test the suitability of any proposed transfer, always starting from the assumption that it would be the wrong decision and working from there.

But as with most Final Salary pension schemes, there are often advisers in the picture who may avoid some of these rules, or simply apply them negligently, meaning that people who would have been better off staying in the scheme end up transferring away, putting their retirement at more risk than they might realise, and earning that adviser a tidy fee.

Studies have shown that people who transfer their final salary pensions as early as ten years before they intend to retire, may lose up to 50% of their total pension value in the long run, as the new pension will not likely promise a guaranteed income, and losses may be made through the investments market.


Spencer Churchill Claims Advice offer a FREE initial assessment to test of signs of pension mis-selling, including for former members of the Electricity Supply Pension Scheme Defined Benefit section: a free chat with a specialist case assessor to examine the advice you received leading up to your transfer, to see if a claim for a mis-sold final salary pension transfer can be made.

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Ready To Make A Claim?

Think you’ve been mis-sold your Electricity Supply Pension Scheme Defined Benefit pension? Click below to take the first step to making a claim.

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What Makes A Pension Transfer Mis-Sold?

Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations. While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped:

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 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:

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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

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