Did you transfer your pension away from the West Midlands Metropolitan Authorities pension fund?
We’ll have a specialist call you back for a no obligation chat about your financial claim
Like many local authority pension schemes, some of the memberships on offer form the West Midlands Metropolitan Authorities Pension Fund are Final Salary pensions – rare and valuable retirement plans that promise a guaranteed income in retirement.
The West Midlands pension fund was open to many employees of local councils in the area, and has over 300,000 scheme members as well as net assets exceeding £15.5bn, making it one of the biggest pension funds in the UK.
Backed by the Pension Protection Fund (PPF) up to 90% of a pension’s value, final salary pensions like those available through this scheme are considered to be some of the safest and securest ways to plan for retirement.
So why do people transfer final salary pensions?
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Transfers away from the West Midlands Metropolitan Authorities pension fund
Despite the range of benefits on offer from a final salary pension fund, there are some circumstances that may mean a transfer away from such as scheme is suitable.
Potential final salary pension transfers should always be assessed on a case-by-case basis by a financial adviser, starting from the assumption that the transfer is wrong and working from there.
For most people, a transfer should never really be on the table, as they stand to risk too many benefits for potentially little reward.
Yet every year thousands of people are persuaded to transfer away from valuable final salary pensions, into private schemes. In many cases, people are told they will be able to earn more money in retirement, and may even see their pot grow initially.
But while final salary pensions offer a guaranteed income in retirement, private pensions can be a finite source of income, and may run out. In worse cases, people’s entire pensions are lost in a volatile and merciless investment market.
Did you transfer your West Mids pension?
Negligent pension transfer advice
The FCA, which regulates the financial services sector in the UK, has strict rules about who financial advisers can recommend a pension transfer to, including discussing the transfer and it’s potential impact in detail with each client so they understand the risk they will be exposing these pension to.
Sadly, many financial advisers either ignore these rules, or don’t follow them closely, sometimes influenced by the large fees that can be earned by transferring final salary pensions, even if it is not in their clients’ best interests.
Can you claim for a mis-sold final salary pension transfer?
If you’ve been persuaded to move a pension away from the West Midlands pension fund, 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 on no upfront cost basis.
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.
Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.
*Figures calculated before deduction of Success Fee and taxes
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.
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How does our claims process work?
With millions of mis-sold pensions reported, it’s worth finding out if you can get your money back. Here’s how our simple process works:
What types of claims do we handle?
Find out how much you could claim today
Ready to take the next step? We’re here with clear, no-pressure advice. Give us a call today to find out if you have a valid claim
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