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