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UK Auto Workers At Risk with Bad Pension Transfer Advice - Six-Figure Losses Faced by Many
Tuesday 13 August | By James Kennedy
Sponsored by Get Claims Advice
Semi-Automated Car Manufacturing Plants
Car Manufacturing Plant
Credit: Getty 
UK Auto Industry Workers are Set for Another Battering. After Suffering Blows with Brexit, Now Thousands of Workers are at Risk of Losing Thousands of Pounds By Giving Up Their Defined Benefit Pension.
Whilst Unite Union have often fought against car manufacturers changing their final salary defined benefit pension schemes to defined contribution schemes, there is now a greater threat from outside the industry. This threat comes from supposed expert advisers, who have convinced and coerced engineers, operatives and many others within the industry to transfer their gold plated final salary pensions into what can be less valuable schemes, that can result in the losses of tens or even hundreds of thousands of pounds by the time they cash out their pension.

In some select cases, transferring a final salary (defined benefit) pension, from a manufacturer such as Jaguar Land Rover, could have been a financially prudent move. However, in a majority of circumstances, the decision to transfer would prove to result in significant losses for the hard working men and women of our industry.

The tricks of the trade used to include talk of 'frozen' or 'low-yield' pots and would seem to be highly trustworthy. Many so-called advisers took advantage and infiltrated their ways in to the close knit communities surrounding some of the biggest UK car plants, so that they could manipulate the good people of our sector.
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If You Transferred What Should You Do?
We brought in Luke Sharman of Get Claims Advice, one of the UK's leading specialist providers of professional advice surrounding pension transfer mis-selling claims. Luke has featured on ITV Tonight as an expert on pension security and his team have helped customers claim back over £50 Million* due to bad advice.

Luke tells us that if you are a member of a union such as Unite as a first step if you are unsure of your circumstances, but that if you want to get advice, you shouldn't panic. 

If you have transferred, it's not always a bad thing, it could have been the right financial decision for you. However, if you feel that you may have been swindled into a bad deal, Luke tells us that at Get Claims Advice they "offer a free initial consultation to assess whether you have a potential case to claim back losses that were suffered in transferring, followed by a no-win no-fee** service to help you reclaim what is rightfully yours."

Sharman went on to tell us that innocent workers who have fallen victim to bad advice can make a claim directly themselves for free***. Whilst this is an option for some, the process can be laborious and choosing a trusted advisor such as Get Claims Advice help guide you through the process.

Whether you choose to speak with Get Claims Advice or another pension claims specialist, always ensure that the company have plenty or experience, be recognised as regulated in their field and have strong track record of successful claims.
Find Out More About Making a Claim
***UPDATE 27 August 2019***

For those of you who believe that they could be a victim of pension mis-selling, you can now easily claim your FREE Initial Assessment online in a matter of minutes.

Choose a professional company like Get Claims Advice that can help with the process of claiming if you don't want to go it alone.

If you think there’s even the slightest chance that you might have a claim, use this FREE Initial Assessment NOW!
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Get Claims Advice Information

Registered Offices: Get Claims Advice Ltd, Peter House, Oxford Street, Manchester M1 5AN Company Registration: 09051424.

Get Claims Advice Ltd is authorised and regulated by the Financial Conduct Authority Reg No. 831103, recorded on the FCA’s website http://www.fca.org.uk/register or by contacting the FCA on 0800 111 6768

Get Claims Advice Ltd is registered with the Information Commissioner (ICO) Registration Number ZA187898.

*Figure correct as of August 2019, calculated before deduction of fees charged at 24% inclusive of VAT

**No Win – No Fee: Successful claims made through Get Claims Advice Ltd are subject to the Success Fee, charged at 24% Inclusive of VAT of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee. See Terms of Business for details.

***You can make the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Telephone: 01204 205 061
Email: help@getclaimsadvice.co.uk
Address: Get Claims Advice Ltd, First Floor, Bayley House, Bolton, BL1 2HB


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