Have you ever had a Pension Transfer with Commercial Union?
You could be owed £1,000s in compensation if Commercial Union mis-sold your Pension Transfer.
Many customers were informed by Commercial Union 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, Commercial Union 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 Commercial Union 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 Commercial Union.
Were you mis-advised by Commercial Union about Transferring your pension?
You may have been mis-sold your Pension Transfer by Commercial Union if any of the following comments are relevant to you:
- I was encouraged or mis-told by Commercial Union to transfer my workplace pension regardless of it not being in my best interest.
- I was not advised or given information by Commercial Union 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 advised by Commercial Union 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 advised byCommercial Union 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 Commercial Union 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 Commercial Union
- Statutory 8% interest in line with guidance issued by the Financial Ombudsman