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