Did You Transfer Away From The Electricity Supply Pension Scheme?
We’ll have a specialist call you back for a no obligation chat about your financial claim
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.
Let’s Rewrite Your Financial Story
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
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.
WHO IS ENTITLED TO AN ELECTRICITY SUPPLY FINAL SALARY PENSION?
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.
NO OBLIGATION & COMPLETELY FREE!
CAN PEOPLE MAKE A CLAIM FOR A NEGLIGENT PENSION TRANSFER?
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.
HOW CAN PEOPLE FIND OUT IF THEY CAN MAKE A CLAIM?
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.
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.
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.
Have You Been A Victim Of Financial Mis-Selling?
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.
Spencer Churchill Claims Advice featured on:
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
How does our claims process work?
Our claims process is dead easy, so we can sum it up in the four simple steps below:
What Types Of Claims Do We Handle?
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.
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