Have you ever had a Pension Transfer with Co Operative Bank?
You could be owed £1,000s in compensation if Co Operative Bank mis-sold your Pension Transfer.
Many consumers were advised by Co Operative Bank 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, Co Operative Bank did not tell their customers 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 Co Operative Bank 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 Co Operative Bank.
Were you mis-advised by Co Operative Bank about Transferring your pension?
You may have been mis-sold your Pension Transfer by Co Operative Bank if any of the following reasons for complaint are relevant to you:
- I was encouraged or mis-informed by Co Operative Bank to transfer my workplace pension regardless of it not being in my best interest.
- I was not advised or given information by Co Operative Bank about how my new pension plan would perform and work compared to my workplace pension plan.
- When I changed jobs my new employer encouraged/advised me to transfer to a personal pension or suggested that I should as they did not provide a pension scheme.
- I was not told or informed by Co Operative Bank 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 told or informed byCo Operative Bank 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 Co Operative Bank 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 Co Operative Bank
- Statutory 8% interest in line with guidance issued by the Financial Ombudsman