Mr B from Doncaster, a worker at Brodsworth colliery. He was advised in 1991 to transfer his pit pension of £13,215 to Sun Life Financial of Canada by one of their agents. Eventually, they accepted responsibility for the bad advice and paid compensation of £192,214.
Mr T from Scunthorpe worked for British Steel and was persuaded by a Prudential agent in 1988 to transfer his British Steel Pension of £12,207 to them. Compensation of £92,232.11 paid.
Mr W of Sutton-in-Ashfield was advised in 1989 by an IFA, Bale Insurance to transfer his pit pension of £5,807 to Standard Life. The IFA was no longer in business and therefore the Financial Services Compensation Scheme agreed to deal with the claim and awarded compensation of £48,000.
Mr M from Crewe worked for Rolls Royce and was persuaded by an IFA, Moray Financial Services to transfer his Rolls Royce pension fund of £3,422 to Scottish Equitable. He was awarded £35,047.20 by the Financial Services Compensation Scheme after a successful claim had been made due to the IFA no longer being in operation.
Mr H of Huddersfield was a miner and member of the Mineworkers Pension Scheme. In 1991 he was persuaded by an agent of the Colonial Mutual (now Aviva) to transfer his pit pension of £4,639 to them. Aviva eventually agreed that he had been wrongly advised to transfer his pension and compensation of £84,456 was awarded.
Mr J from Easington was a member of the MPS and in 1993 was persuaded by an agent of Sun Life Financial of Canada to transfer his pit pension of £10,849.24 to them. In the end, they admitted that this was poor advice and paid compensation £77,461.33.
Mr G from Scunthorpe was a Teacher and a member of the Teachers Pensions. An agent of Sun Life Financial of Canada persuaded him to move his teacher’s pension of £12,228 to them. The pension provider accepted liability for the bad advice and compensation awarded of £121,398.
Mr H from Stoke-on-Trent had an Armed Forces pension and in 1990 was persuaded by an agent of Canada Life to transfer his forces pension of £13,553 to them. Canada Life admitted that the pension had been miss-sold and compensation of £94,930 was paid.
Mr R from Swadlingcote worked for Powergen and had a work pension with them. In 1993 he was advised by an IFA, Paul Child Associates to transfer his pension to Royal London. As the IFA was no longer in operation, the claim was successfully pursued through the Financial Services Compensation Scheme who paid compensation of £48,000.
A work pension claim has meant a miner has won £48,000 for bad advice to move his pension in 1991.
Corries pensions claim team have won his claim.
Work Pension Claim – The Facts
Our client, Mr S, was born in 1938. He worked in coal mines from 1960 to 1991 with a seven-year break in between. Mr S had built up 24 years worth of benefits into his Mineworkers Pension Scheme (MPS) when he was made redundant in 1991.
He was given advice by a local Independent Financial Advisor (IFA). Mr S relied on this advice and transferred his MPS pot to a Prudential scheme.
His case was never reviewed nor was he given the chance to put his monies back in the MPS.
Pension Claim – What we did
Corries specialist claims team picked up the case. We considered that Mr S must have lost out. Our advisors made enquiries and established that the local advisor had gone out of business. It was not immediately clear whether he was a registered IFA or not. We had to make various enquiries. Our team found out that the firm had been taken over and the financial services rules applied.
We lodged the claim and in due course the Financial Services Compensation Scheme (FSCS) have agreed to meet the case.
The Claimant has been awarded the maximum figure the FSCS can grant – namely £48,000.
Work Pension Claim – Case Comment
Mark B Dawson, one of our Work Pension Claim specialist claims handler commented
“This is yet another sad case of someone receiving very poor advice at the worst of times. When Mr S retired he had built up a good lump sum from 24 years of payments. This could have and should have provided him with a comfortable retirement. He had not only lost out on payments over the years but the benefits that come with that scheme as well.
He is extremely pleased to receive a lump sum. We hope this will help him and his family enjoy a better quality of life for the remainder of his years.
I remain sure that there are many thousands more people like Mr S who have lost out on many thousands of pounds due to poor or mis timed advice. Hopefully people see our adverts and make sure anyone they think might be affected gets in touch. We are always happy to speak to people to see if we can help. Even if we cannot help then they may get some comfort from knowing that they have tried”
If you or someone you know has moved their work pension then get them to call our friendly team. We can give FREE no obligation advice on (0800) 983 7997. We can tell you if is worth looking into a claim. Call us now.
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