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