Transport for London Pension Fund
The Transport for London (TfL) Pension Fund is an essential component of the employee benefits for individuals working with Transport for London, the authority responsible for the transport system in Greater London. This pension fund operates as a defined benefit scheme, which guarantees a specific retirement income based on the employee’s salary and years of service. It provides a comprehensive package of benefits including retirement, death, and survivor benefits, which are crucial for ensuring financial security for TfL employees and their families. The TfL Pension Fund is known for its robust management practices, which involve careful investment strategies and risk assessments to sustain its financial health and meet future liabilities. This proactive management is key to supporting the diverse needs of a large and active membership comprising employees from various sectors of London’s transport system, ensuring that the scheme remains responsive and stable in the dynamic economic environment.
Have you transferred funds out of your Transport for London pension?
Along with the many benefits that Transport for London (TfL) provide their employees with, an excellent final salary is probably the best of them. This is considered to be a very safe type of pension as it enables individuals to apply for payment on medical grounds. For this reason, final salary pensions are one of the most generous out there and can be a decisive factor when applying for a job with a company.
Due to the costs incurred, many companies no longer offer final salary pensions to their workers. Lots of consideration needs to go in transferring away from one as it is one of the biggest decisions a person can make about their long term finances.
Financial advisors and marketing companies are guilty of promoting other selected pension schemes and investments in order to earn commission and fees from a transfer. However, this puts an individual at risk of investing in scams or fraudulent schemes that can cost them financially. In the worst case, it can wipe out an individual’s entire pension fund, seriously impacting on their plans for retirement. We understand how important your pension is and we can help you to determine if you are entitled to compensation after being given poor advice to transfer.
To get this help, call us today and speak with one of our team about progressing your case. This is free and comes with no obligation to use our service. However, if you do, then you can rest assured that our fees are very reasonable and you only have to pay them once you have received your compensation, and if you are happy with our service.
