The Michelin Pension and Life Assurance Plan
Were you advised to move your Michelin Pension and Life Assurance Plan? If you were, you may have been mis-advised and suffered substantial “hidden losses” running into tens or even hundreds of thousands.
Beat the Banks continue to deal with a constant stream of victims who were mis-advised by both local and national firms to move their Michelin Pension and Life Assurance Plan elsewhere. To be perfectly clear, moving away from these highly valuable final salary pensions is only likely suitable advice in the vast minority of cases. It’s clear however that hundreds of former Michelin employees may have been mis-advised. Indeed, it’s a scandal that we’ve already reported to the press and Alison Thewliss MP of the Treasury Select Committee.
It wasn’t fully explained to victims the huge benefits and guarantees they were giving up by moving, instead they were hooked by the promise of a big tax-free cash payment and a pension pot to call their own.
In times of heavily fluctuating stock markets, it’s particularly brutal news for victims who have typically seen their fund sink in value. But that’s not even the half of it – fund and adviser fees running into thousands each year continually take huge chunks out of their pension, while raging inflation decimates the true spending power of their pot.
Remaining in the Michelin Pension and Life Assurance Plan would have meant absolutely no charges and a risk free and substantially inflation proofed pension for the rest of their days and that’s exactly where the “hidden losses” come in for those who were mis-advised to move.
A tell-tale sign that you may have been mis-advised is if you and a number of ex-colleagues all dealt with the same IFA firm and a substantial percentage of you were advised to transfer. In these types of cases, we typically see IFA’s recommending exactly the same new pension provider and fund. It’s like a supposed independent mortgage broker only recommending one lender, but of course it’s much more serious.
If you did transfer your Michelin final salary pension Beat the Banks offer a free initial assessment with absolutely no obligation, the advice you were given. Claiming has no effect on your existing pension, a successful claim simply adds to your retirement savings. It couldn’t be easier, you get in touch with Beat the Banks and we do the rest. It really is that simple.
Call our team on 01382 200474 or complete our on-line enquiry form
