Moved your pension from the West Yorkshire Pension Fund pension scheme?
We’ll have a specialist call you back for a no obligation chat about your financial claim
One of the fairly common rewards for working on behalf of a local council or government scheme is a valuable Defined Benefit pension, sometimes even a Final Salary pension. In the case of people who worked for local authorities in West Yorkshire, this was usually provided by the West Yorkshire Pension Fund Pension Scheme.
Final Salary pensions are considered safe and valuable, because they promise a guaranteed income in retirement, one that won’t run out before the member dies no matter how long they live.
They don’t cost the member to run either, and are protected up to 90% of their value by the Pension Protection fund.
Final salary pension schemes like those from the West Yorkshire Pension Fund Pension Scheme represent relative certainty when it comes to retirement options – you know what you’re getting, and generally, you don’t need to worry about it.
So why do people transfer final salary pensions?
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Reasons people transfer their pensions
Let’s be clear, there are some situations where a final salary pension transfer might be in somebody’s best interests.
For instance, if they have a shortened life expectancy and therefore want a larger sum earlier, and don’t have a spouse or children to benefit from the pension if it stays where it is, this may be a reason to move it, if other factors are involved.
But these circumstances are rare.
In most cases, people move their local authority pension because they are told they could make more money by investing it themselves.
This may be true for some people, but the FCA rules often state that this is seldom a good enough reason to transfer a pension, as it exposes it to too much risk in comparison to the potential reward.
As a result, many people have received negligent financial advice to move their pension, possibly including former members of the West Yorkshire Pension Fund Pension Scheme.
You may be able to make a claim – contact our team!
You may have been mis-sold. Fill out your contact info below and we’ll be in touch at the best time for you
Can you make a claim?
Thousands may be able to make a claim for a mis-sold pension transfer away from final salary benefits such as West Yorkshire Pension Fund Pension Scheme, after receiving negligent pension advice.
We can help you find out with a FREE Initial assessment to see if you can make a claim on a no upfront cost basis.
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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