Did you transfer funds out of a The Electricity Supply Pension Scheme (ESPS) or The National Grid UK Pension Scheme (NGUKPS) also known as The Gas Scheme?
The benefits that came with these pensions were very competitive including perks such as guaranteed income for the whole of life if an individual joined the scheme prior to April 2006. The pension scheme originally opened during the 1990s after the privatisation of the electricity market, those companies participating provided their workers with a great deal of security.
Unfortunately there has been a rise in cases of mis sold pensions whereby individuals were advised to transfer out of The Electricity Supply Pension Scheme without good reason. Some financial advisors have tempted individuals away with the promise of making more money by subjecting themselves to a great amount of risk than they otherwise would have been exposed to and not fully explaining these risks.
Although it may have seemed like a good thing to do based on the advice that had been given, the risks far outweighed any benefits that were received. We have lots of experience with helping people who were part of the pension scheme that have been persuaded to transfer out of it and are now left facing the consequences.
Next Steps
Call us now for a phone or video consultation with one of our legal experts on 0800 041 8358 to find out if you are entitled to compensation, you may even be entitled to additional compensation if you have successfully claimed in the past.
