Transferred out of your final salary pension scheme? Unfortunately, it’s very rarely a good idea.

In a recent study by the FCA (Financial Conduct Authority), less than 50% of final salary transfers were said to be suitable and approximately 1700 firms are currently under investigation for giving poor advice in this area. If you have been affected, you could be entitled to claim for compensation.

So why not contact the experts at Money and Me Claims – and see if you can mitigate your losses today?

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You could have been mis-advised and could be owed £1000's in compensation!

Pension Transfer
Did you transfer your Final Salary Pension to A Personal Pension?
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Slide Mr McR Received | £85,000 Compensation from the FSCS SEE CASE STUDIES

What is a final salary pension transfer?

Essentially, a final salary transfer is when you ‘trade-in’ your final salary pension pot – or defined benefit (DB) pension – for a certain amount of money.

The exact amount will depend on how long you worked for the employer and your final salary. But it isn’t given in cash. It’s simply offered as a ‘cash equivalent transfer value’, which can be moved to a defined contribution pension and used as a source of income from the age of 55.


Have I been mis-sold on a final salary transfer?

In most circumstances, a final salary pension transfer is not advisable.

Final salary pension schemes have a lot of benefits. Not only do they provide a solid and dependable yearly income, but that income is index-linked and therefore will keep up with the pace of inflation and is guaranteed for the rest of your life. What’s more, they don’t cost a penny to run.

By contrast, defined contribution pensions can be unsafe because of the very risky nature of the products held within them. Yes, they may offer access to a tax-free lump sum and you can pass the fund on to your beneficiaries when you die. But by making the transfer, you give up all of your guaranteed benefits and risk losing the money in your pension.

As such, there would have to be an extremely good reason for you to move out of a final salary pension scheme. And if you have, it was likely the result of poor financial advice.

Claim for your final salary pension transfer today

If you believe you have been mis-sold a final salary pension transfer, there are a number of different steps that you can take.

Claims can be made for free via the Financial Services Compensation Scheme, the Financial Ombudsman Service, The Pensions Ombudsman and directly to the person to whom your claim relates. Or, you can claim on your own insurance for financial mis-selling if you have it.

Alternatively, you can recruit the help of our specialists here at Money and Me Claims. We have significant experience with this particular type of mis-sold pension and can assist with mis-sold final salary pension transfer claims from a range of public sector and nationalised industries, including:

  • British Coal
  • British Steel
  • British Rail
  • British Telecom
  • NHS
  • Local Government
  • Civil Service
  • Teachers
  • Armed Forces
  • Emergency Services


Our help is available on a no win, no fee basis. This means, if we believe there is no claim to be made or the case is unsuccessful, you pay nothing. We only charge if you win compensation (25% + VAT) or if you decide to cancel after the 14-day cooling-off period for any work we have carried out on your behalf. So, what are you waiting for?

To find out if you’re eligible, simply give us a call on 01236 607952 or fill out our online contact form.

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