Amount won: £59854.03
FA Firm: St James’s Place
Existing client of Beat the Banks.
He was advised to transfer his Michelin company pension to a personal pension with St James’s Place by Alistair Flynn of St James’s Place and Andrew Cruse of Cruse Wealth Management Ltd, a Defined Benefit licensed partner at St James’s Place Wealth Management PLC.
Our client had previously worked for Michelin and had a deferred defined benefit company pension which was valued at £247,043.90. This was his only pension with guarantees.
He was an entirely inexperienced investor with a very low attitude to risk and was only 54 at the time.
Our client contacted St James’s Place for professional advice regarding his Michelin pension. He was told that by transferring this pension he could retire at 55, he would have more flexibility when drawing his pension and it would create a pot of money to leave to his children.
Our client paid the following fees:
After we obtained our clients files from his previous and existing pension providers we were able to determine that he had a claim. We then submitted the claim to St James’s Place along with considerable evidence.
St James’s Place upheld the complaint and calculated our clients losses at £58,654.67.
They have offered him £59854.03 which includes interest (less tax) and £500 in respect of any distress and inconvenience this matter has caused.
The payment will be made directly into our client’s bank account.