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Mis-Sold Tobacco Defined Benefits Pension Schemes

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Tobacco Company Pension Transfer Claims

Some tobacco companies like Imperial Tobacco or British American Tobacco offered some of their employees what are now considered to be rare and valuable pensions: Final salary schemes.

Pensions like these are considered to be ‘gold-plated’, promising scheme members a guaranteed income in retirement, one that is safe and secure, and helps protect married families with death in service benefits.

Yet some financial advisers have persuaded people to transfer valuable final salary pensions like these, and not all of the advice they gave was right, or in their client’s best interests.

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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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Financial advisers should be advising on the side of caution when judging whether a final salary transfer is in somebody’s best interests. After all, these are valuable pensions and leaving is usually a one-way street.

They have rules to follow to ensure people only transfer away in the rare situations where may actually be beneficial to do so.

Yet over the past 5 years, the number of pension transfers away from these types of schemes has skyrocketed, more than doubling between 2016 and 2017.

Many people who transfer final salary schemes don’t realise that:

  • They are trading a secure income for uncertainty and risk
  • Losing money in transfer fees and annual pension charges
  • They may receive less in retirement if investments don’t perform and exceed the Critical Yield year on year.
  • They may be losing death benefits if they have a spouse or dependent children they wish to protect.

Have A Question About Pension Transfers?

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Many financial advisers have been found to have given negligent financial advice that hurt their client’s retirement prospects and left them out of pocket, all will filling their own with transfer fees and commission!

Spencer Churchill Claims Advice can fight these bad practices by holding advisers to account with claims when possible, and using our knowledge and experience to back claims to the FSCS and Ombudsman to help clients get compensation.

To check, get in touch with Spencer Churchill Claims Advice for a FREE Initial Assessment – a chat with one of our dedicated case assessors who can usually spot a mis-sold pension transfer.

Book a free initial assessment today by calling 01204 929929, or using one of the contact forms on the website.

Ready To Make A Claim?

Think you’ve been mis-sold your British Steel pension transfer? 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.

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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