Have you ever had a Pension Transfer with Bank of Scotland?
You could be owed £1,000s in compensation if Bank of Scotland mis-sold your Pension Transfer.
Many consumers were advised by Bank of Scotland to transfer their pension benefits from a work based pension to a private pension. In most cases these pensions would not provide any additional benefits, Bank of Scotland did not tell their consumers that transferring their pension would typically result in a loss of benefits such as a final salary scheme or matching contributions.
Some providers such as Bank of Scotland promoted that the pension they offered would out perform the workplace pension, this would not be the case with a riskier stock based pension and the advice given to millions of clients has been condemned by the regulator of Bank of Scotland.
Were you mis-told by Bank of Scotland about Transferring your pension?
You may have been mis-sold your Pension Transfer by Bank of Scotland if any of the following statements are relevant to you:
- I was encouraged or mis-advised by Bank of Scotland to transfer my workplace pension regardless of it not being in my best interest.
- I was not advised or given information by Bank of Scotland about how my new pension plan would perform and work compared to my workplace pension plan.
- When I changed jobs my new employer encouraged/told me to transfer to a personal pension or suggested that I should as they did not provide a pension scheme.
- I was not advised or told by Bank of Scotland that by opting out of my company pension scheme I would lose the guaranteed benefits that were associated with my company pension scheme.
- I was not informed or told byBank of Scotland that by opting out of my company pension scheme that I would lose my employer contributions that would have been paid into my company pension scheme.
- I felt pressured by Bank of Scotland into transferring my pension even though it posed a higher risk.
If any of the above reasons for complaint are relevant, you could be entitled to:
- A full refund of the benefits you had lost when you transferred the pension to Bank of Scotland
- Statutory 8% interest in line with guidance issued by the Financial Ombudsman