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