Land Rover Pension Scheme
Amount won: £85,000
Employer/Fund: Land Rover Pension Scheme
FA Firm: Capital & Income Solutions
Introduction:
Our client contacted us to investigate a claim for a mis-sold pension after seeing an article on our website.
In 2017 he was advised by Philip Pryke of Capital & Income Solutions to transfer his Land Rover company pensions into a Standard Life pension plan.
The Background:
Our client was 59 at the time, he had worked for Land Rover for 39 years and had no intention of retiring until age 67. He had company pensions with them and the majority of which was a defined benefit scheme – total value £854,332.28.
He wanted to find out what his pensions options were and after submitting an enquiry over the internet he was called by Capital & Income Solutions. He was advised Philip Pryke was a “government accredited pension transfer specialist” and that he was only one of two people specialising in this kind of advice.
Our client was advised that transfer values were at an all time high and he should take advantage of this. He was also told that by moving his pension he would create a pot of money to leave to his loved ones and that it would give him flexibility to draw more from his pension if he needed to.
Our client had no understanding of the complex world of pensions and entirely trusted the advice he was given.
The Consequences:
- It was not explained to our client the risk he was taking and he was not advised of the benefits and guarantees he was giving up.
- He would now be paying fund and adviser fees for the rest of his life.
- His fund could run out.
- He would no longer have an inflation proof pension and it would now be subject to the volatility of the market.
Our client paid the following fees:
- Adviser fees of £12817 for the initial advice
- Ongoing fund fees
The Settlement:
After obtaining our clients files from his previous and existing providers we determined that he had a claim. Since Capital & income Solutions are now in liquidation we submitted this to the Financial Services Compensation Scheme (FSCS) with substantial evidence.
FSCS calculated our client’s losses at an astounding £384,554.07.
Our client received the maximum compensation of £85,000 from the FSCS for the pension transfer advice he received. However, this only covered circa 22% of his losses which in effect means he faces a less comfortable and secure retirement than he would have done.
Although he received the maximum compensation the scale of the losses was upsetting to our client.
Have you or someone you know worked for Land Rover and transferred their final salary pension?
So even if you think you were given sound advice to transfer your workplace pension, how do you know? That’s why we make it simple. Call our team on 01382 200474 or complete our on-line enquiry form and we’ll be in touch a soon as possible AND remember, that between Beat the Banks and our trusted partners, do all the hard work on your behalf, PLUS claiming has absolutely no effect on your current pension arrangements.
