Have you ever had a Pension Transfer with Canada Life?
You could be owed £1,000s in compensation if Canada Life mis-sold your Pension Transfer.
Many customers were informed by Canada Life 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, Canada Life 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 Canada Life 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 Canada Life.
Were you mis-advised by Canada Life about Transferring your pension?
You may have been mis-sold your Pension Transfer by Canada Life if any of the following comments are relevant to you:
- I was encouraged or mis-informed by Canada Life to transfer my workplace pension regardless of it not being in my best interest.
- I was not told or given information by Canada Life 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 Canada Life 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 advised or told byCanada Life 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 Canada Life into transferring my pension even though it posed a higher risk.
If any of the above comments are relevant, you could be entitled to:
- A full refund of the benefits you had lost when you transferred the pension to Canada Life
- Statutory 8% interest in line with guidance issued by the Financial Ombudsman