Why Are Claims Being Made?
Transferring a pension is a significant decision. Unfortunately, some Alstom employees were advised to make transfers without fully understanding the implications. Common issues leading to pension transfer claims include:
- Inadequate Financial Advice: Advisers failing to assess individual circumstances or explain the risks involved. This could lead to a financial adviser claim.
- Lack of Financial Advice: If you transferred a pension without a financial adviser and Alstom failed to take measures to protect you before transferring out.
- Lack of Transparency: Not disclosing fees, charges, or the loss of guaranteed benefits.
- High-Risk Investments: Encouraging transfers into unregulated or unsuitable investment schemes. Such practices can constitute pension mis-selling, entitling affected individuals to seek compensation.
How to Determine If You Were Mis-Sold
You might have been mis-sold a pension transfer if:
- You were contacted unsolicited and offered a “free pension review.”
- The adviser did not thoroughly assess your financial situation or risk tolerance.
- You were not informed about the loss of guaranteed benefits or potential fees.
- Your pension was moved into high-risk or unregulated investments
Why it’s Important to Act Now
If any of these apply, it’s crucial to review your pension transfer and consider seeking redress before you are time barred from making a claim. Time barring refers to the legal deadline for making a claim. Once this deadline, also known as the limitation period, has passed, you lose your right to take legal action to recover compensation, even if your claim is valid.
