Did you transfer out of the Merseyside Pension Fund?
The Merseyside Pension is a local government pension for many contractors and public sector employees and ex workers in the Merseyside area, who work or worked for their local authority. For many members this is a Defined Benefit Scheme that several local authorities provide. Protected up to 90% by the Payment Protection Fund they come with a promise of a guaranteed income in retirement for life. They are secure and dependable pensions.
People are given the option to transfer these types of pensions into a private pension if they need to. Being given that option does not mean you should. According to a recent study by Royal London transferring this type of pension can cause a loss of up to 50% of the value when transferred around 10 years before retirement. Investing in high risk investments that later fail, it can cause the pension to lose all value.
Swapping a final salary pension for a private pension means swapping a secure pension for uncertainty and should only be done with financial advice and after careful consideration. Many people have received unsuitable financial advice and recent years have seen an increase in mis-sold pension claims after members of secure schemes have been left worse off after transferring away from a final salary pension. Advisors have earned high fees and commissions whilst members have been left worrying about their retirement income. At ACL Consultancy we can help you decide if you are entitled to make claim based after being given negligent advice from a financial advisor.
Why don’t you contact us for an informal chat to explore your options? Our fees are reasonable in comparison to solicitors or other firms, as we don’t buy data from third parties or operate call centres.
Our initial pension claim consulting chat (or multiple if you should have further questions) is free of charge and a pension claims expert will be happy to give you an idea as how to progress a complaint yourself or assist you with the process.
And you’ll only ever pay on success – once you’ve received your money redress – and are satisfied with the service we have provided.
Get Claims Advice now, call 0333 358 0074.