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