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