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