Hundreds of local Michelin employees, following advice from both local and national advice firms, are believed to have been misled into transferring away their highly valuable final salary pensions. These substantially inflation proofed pensions have huge benefits and guarantees that are lost immediately if moved.
Leading Scottish financial claims management experts Beat the Banks continue to uncover multiple cases of inappropriate advice that’s led to former Michelin employees suffering substantial financial losses.
On 6th October Mike Begg, the Managing Director at Beat the Banks, held discussions with Alison Thewliss MP, the current SNP serving member of the Treasury Select Committee, to highlight the plight of these victims.
Mike Begg, Managing Director at Beat the Banks said: “There has been substantial press coverage and FCA intervention following the British Steel scandal, where hundreds of unsuspecting victims were encouraged to move their final salary pensions and have since suffered huge losses and in some cases have lost all of their pension. Despite that, we have a similar scandal right here on our doorstep and it’s being completely ignored.”
The average loss for Michelin pension transfer victims, who Beat the Banks have represented, is a shocking – £83,832.32
Mike said: “Sadly, this is just the very tip of the iceberg and we continue to see unsuspecting members of former workplace final salary pensions lose hundreds of thousands of pounds down to reckless and greedy financial advisers. Time is long overdue for the Scottish Government to take action.”