Work Pension Claim Disappointment
Corries Solicitors Work Pension claims team are shocked and have reacted with disappointment following revelations that the government has taken over £10 billion of pension cash which could have helped retired coal miners and their families.
There are two schemes in place for former Mine workers and staff. The Mineworkers Pension Scheme (MPS) had 200,000 members and the British Coal Staff Superannuation Scheme (BCSSS) had 57,000 members. Both schemes were secured by the Government as Guarantors in 1994 when the remaining mines were privatised.
Since then the Schemes have produced surpluses which the government has taken. These include £5.9 billion taken directly from the schemes. In addition contribution holidays from 1987 to 94 have resulted in a saving. The third blow is that the Chancellor Phillip Hammond will take £51 million per year and to a total of £153 million between now and 2019.
This is a hammer blow for former mine workers throughout the UK.
The Labour MP Gloria De Piero is leading a 22 MP group demanding future windfalls to go to former miners and their families instead.
Corries Pension team adviser Dave Lamb commented
“We are very disappointed to see that the government is taking money which could otherwise help miners and their families.
Corries specialist work pension claims team have helped many miners who were badly advised about moving their pensions from these schemes. To find that those who kept in the schemes have been losing out because the government have raided their pension pots is very concerning and we are keeping a close eye on developments”
Have you worked in the mining industry. Did you move your pension to a personal private pension hoping for a better retirement?
Call our team now for a free no obligation chat on Freephone 0800 988 7997 to see if we can help you.
The Mirror article can be read here:
Work Pension Claim Win for another Coal Miner
Corries have successfully made another Work Pension Claim for a retired coal miner who had lost out when mis sold a pension.
Our client Mr B, from Chesterfield is now 63 years old. When he was made redundant from the coal mines in the early 1990s he was a member of the Mineworkers Pension Scheme (MPS). Within 18 months of being made redundant an Independent Financial Adviser (IFA) persuaded him to transfer his pension to Pearl Assurance, now Phoenix Life.
Enquiries revealed that the IFA had gone out of business.
Corries Claims Handler Dave Lamb explained what happened next.
“After a lot of investigating we were able to trace the IFA. We were able to prove that he was in fact regulated by the financial authorities when he sold the pension.
We then took the case to the Financial Services Compensation Scheme (FSCS) to convince them to deal with it.
The FSCS made us provide various information. After those enquiries we eventually managed to secure a payment of £48,000 in accordance with the FSCS payment cap”
“This case shows how widespread the mis-selling of pension was to people in the nationalised industries. My client is one of many thousands who have worked in the steel, coal, civil service or other associated government bodies. They have paid many years of contributions and through poor advice have lost out. The losses have affected them when they are too old to work or earn any more.
It is clear that this misleading advice has cost my client a lot. However with this sum he can now plan out a more secure and financially easier retirement.
Have you been mis-sold or been persuaded to move your work pension? If you think you might have lsot out then telephone our Work Pension team on 0800 988 7997. We are here to help you get the compensation you deserve.
Work Pension Claim win for former steel worker
Corries Solicitors have won a Work Pension Claim and compensation for a retired steelworker persuaded to leave the British Steel pension scheme.
Our client, Mr R, worked for British Steel at Corby. He was made redundant from 1992. He was a member of the British Steel pension scheme. An Independent Financial Advisor (IFA) persuaded him to transfer his pension to Norwich Union, now Aviva.
Our Client realised he had been mis-sold this pension when he saw our advert. His IFA was no longer trading and could not be found.
Claims handler Dave Lamb thought that the case might have reached a dead end. He spent time making comprehensive searches. He found that the IFA was registered with the financial authorities at the time of giving the advice. This meant that the Financial Services Compensation scheme (FSCS) could be approached to meet this case.
In due course the FSCS agreed that the IFA was “in default” and paid out £48,000 which is their maximum capped payment for pension loss.
” Even if the IFA who has sold the pension has gone bust there may still be recourse to be had. it was only because we have developed ways of finding out about IFA’s and their accreditation that we were able to persuade the FSCS to take the case on.
The FSCS do take their time to deal with these cases. They need to be absolutely satisfied that the IFA was regulated before they will deal with a claim. This takes some patience and determination.
It is important to know the difference between an IFA and a tied agent. This can affect if an insurance company will meet the claim or if it falls to the FSCS.”
Corries specialist Work Pensions claim team are ready for your call. Contact them on Freephone 0800 988 7997.
Work Pension Claim Compensation Success
Corries Pension team have won a large work pension compensation claim for a Client who gave up her work pension following a career break.
Our client, Mrs D ( now 57), had worked for the University of London. She took a career break and during this time and was approached by an Independent Financial Adviser (IFA) via the Royal Bank of Scotland. She was persuaded to leave her university work pension and set up a freestanding AVC. The return on this pension is not as good as her existing pension scheme.
Our client saw our advert and took our advice. RBS had set up the pension through Scottish Widows. They had never reviewed the pension as they were not required to do so under Pension regulations.
Claims handler Mark B Dawson picks up the story.
“I knew that this meant that we had a strong case against the IFA. We started the claim through RBS and they held an internal investigation. I had to constantly keep this under review and lodged a formal complaint. In due course RBS asked various questions about income and they accepted that our client had been mis-sold her pension. They conceded that she was due compensation.
I secured her compensation of £46, 856.21.
Claims handler Mark B Dawson added;
“My client is over the moon with her settlement. She never expected such a sum.
This was a tough case. We had to be very determined. It is often the case with large financial companies that they give misleading responses. They are very reluctant to pay these cases unless they are forced to do so.
Mrs D’s case is one of many people who have taken a career break or change and been given poor advice. It is not only claims for people with decades of payments into schemes who can lose out.
If you think you have had bad work pension advice then get your case handled by someone with expertise and a willingness to fight it.
Have you or someone know had bad pension advice? Then do not delay – telephone our pensions team on Freephone 0800 988 7997.
Work Pension Claim Victory
A Work Pension claim for a former mineworker has been won by Corries Solicitors Pension team.
Our client Mr F, a former miner from Barnsley, was made redundant in the late 1980s. He had paid into and was a member of the Mineworkers Pension Scheme (MPS).
A short time after his retirement he was encouraged by an agent of the Prudential to transfer his pension plan to them.
The client saw our advert and Corries investigated the case.
At first Prudential denied the claim on the basis that they had sent a review letter out to Mr F in the late 1990s. He had not replied. At that time he was suffering ill-health. Corries were able to show that this ill-health had prevented him from making a proper assessment at that time.
The Prudential accepted that this was “extenuating circumstances” and agreed settlement following an actuary assessment of the loss at £110,000.
Corries claims handler Dave Lamb commented;
“My client is now 63 and has suffered ill-health. This is a life changing amount of money for him. He can now look forward to a stable and secure retirement which he otherwise would not have had.
This case is one of many of former workers in the nationalised industries who have transferred their work pensions out to private pensions. They have lost out on many thousands and continue to do so. It is vital to make sure that their cases are properly assessed.
I am certain there are thousands more like my client who are losing out for the rest of their lives.
They need to act quickly or they could lose out for ever”
Our specialist Pension team on 0800 988 7997 can help you. Call them today.
Pensioner awarded global sum of £4137.36 and Pension Annuity rate enhanced
Corries Solicitors report on a pension annuity claim success resulting in a sum in compensation and enhanced annuity for one or our clients.
The Pension and Annuity Issues
Mr D, from Coventry applied for an enhanced annuity in 201 due to his health concerns. He had a history of cancer and high blood pressure.
His pension provider, The Prudential, used a medical questionnaire from the client’s GP. They made a decision that he did not meet their medical criteria for an enhanced annuity.
In Spring 2016 Mr D saw an advert placed by Corries in a national newspaper. He instructed us to make a claim on his behalf about this decision on his annuity.
What we did
We assessed his case and made proper and full investigations about his health and the enquiries that had been made. We put the claim to Prudential and highlighted their failures to take account of our client’s health when deciding his annuity.
The case was pushed on by our Specialist Pension Advice Team and Prudential agreed on, a without prejudice basis, to review our client’s annuity.
They have now agreed an award of past arrears and distress of £4137.36. Our client will also get an increased future annuity rate.
Mr D was very pleased with the result and service he received from Corries Solicitors Ltd.
Corries Specialist Pension advisor David Lamb commented:-
The pension industry does not often admit to mistakes or admit that someone has been not been properly assessed in their pension annuity. My client was not aware that he could challenge the decision.
I am pleased with this outcome. My client gets a sum to reflect what he has missed out and will get an increased sum for the rest of his days.
I am sure that there are many more people out there not getting the pension to which they are entitled.”
If you or a family member think you may not be getting all that you should out of your annuity then contact our Specialist Pension Advice team now on 0800 988 7997
Corries Solicitors Ltd have won a pension claim for a former Mineworker who was mis-sold a pension.
Mr F from Doncaster transferred his Mineworkers pension in 1989 to Confidential Life (now Sun Life Financial of Canada). He did this when the pit which he worked in closed down.
Our client was persuaded to move his pension when promised he would get a much better return by transferring his deferred pension.
What we did to make the claim
Mr F became aware that he may have lost out when he saw an advert in 2016 placed in a national newspaper by Corries.
After receiving instructions we contacted the Mineworkers Pension Scheme and Sun Life Financial. We found out the date and amount of the transfer and to see if a claim could be made.
Corries were also able to show that Sun Life had not correctly reviewed the pension transfer in line with the Mis-selling of Pension Provisions.
We submitted a formal complaint into the advice to transfer a final salary pension to a money purchase pension.
Sun Life made enquiries and agreed an award to Mr F of a lump sum net of tax of £48,333.34.
Mr F was very pleased with the award and our service.
Corries Pensions Specialist David Lamb commented;
” Our client is one of many thousands of hard working people who paid into a pension hoping it would look after them.
He was badly advised and did not know he had lost out or how much until he saw our advert.
He is very pleased with the result. This will help him enjoy the retirement he deserves.
I am really pleased that our hard work has helped him secure what is rightfully his.
We are as delighted with the result as him.”
If you or a family member may have been affected by a mis sold pension then contact Corries now on 0800 988 7997. Our team of specialist advisors can help you find out if you have a claim.
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