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