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.