Have you ever had a Pension Transfer with Provident Mutual?
You could be owed £1,000s in compensation if Provident Mutual mis-sold your Pension Transfer.
Many consumers were told by Provident Mutual 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, Provident Mutual 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 Provident Mutual 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 Provident Mutual.
Were you mis-advised by Provident Mutual about Transferring your pension?
You may have been mis-sold your Pension Transfer by Provident Mutual if any of the following reasons for complaint are relevant to you:
- I was encouraged or mis-told by Provident Mutual to transfer my workplace pension regardless of it not being in my best interest.
- I was not told or given information by Provident Mutual 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 told by Provident Mutual 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 byProvident Mutual 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 Provident Mutual into transferring my pension even though it posed a higher risk.
If any of the above comments are relevant, you could be entitled to:
- A full refund of the benefits you had lost when you transferred the pension to Provident Mutual
- Statutory 8% interest in line with guidance issued by the Financial Ombudsman