Unbelievably some of our heroes were purposely targeted and persuaded to transfer their pensions by unethical companies who made money from the transfer, despite the fact it would cause thousands of pounds of losses to their retirement fund.
As they approach retirement or had retired, many were targeted by unregulated Advisers who actively encourage them to move their pension pot out of their MOD pension and into supposed “high return” investments. These are generally SIPPs (Self Invested Personal Pensions) that are also “high risk”.
SIPPs tend to be toxic or exotic schemes like overseas properties, car park schemes, forestry, eco-projects, antiques, storage pods, wines, coins and other unregulated ventures.
The Adviser is usually highly compensated by a large commission for moving the pension pot, so it is not always in their best interests to be too transparent to the client about how risky the transfer is, and any benefits the client maybe losing.
For many it is not just about the money that has been lost, but also what their pension would have been worth if they have not been scammed, and the guaranteed benefits that have now gone.
Moving from an MOD pension is rarely a good idea. It would have to be exceptional circumstances for anyone to move out of an MOD pension plan.
We believe the true extent of military pension mis-selling is far greater than previously reported. It is estimated that some 3,600 personnel were targeted between 2013 and 2016, and subsequently transferred their money out of the MOD pension scheme.
At Claimline Legal we are now reviewing mis-sold pension claims for Armed Forces personnel and investigating if transferring out of their Armed Forces Pension Scheme was in their best interests.
If you have been advised to transfer your Armed Services Pension out of your scheme and into a SIPP now is the time to check. Claimline Legal is offering a free review and free advice. It’s then up to you on how you want to proceed if you have a case.
All we need is to ask you a few basic questions to find out if you were mis-sold your military pension. If we believe you have a valid case, we will send you a simple questionnaire and a Letter of Authority to sign to we can represent you. Our trained claims team will then set to work recovering your lost pension and any lost benefits.
For more information call 0800 779 7457 or go to our website at www.claimlinelegal.co.uk
We are here to help you recover what is rightfully yours.