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Oil Services Industry Pension Compensation

Oil And Gas Pension Transfer

One feature of the oil and oil services industry in Scotland since the mid-1970s has been the number of companies, which are often multi-national, offering excellent employment terms that have included lucrative defined benefit final salary pension schemes.

Unfortunately, it is a fact that many pension holders have been given advice to leave these employers’ schemes, resulting in the immediate loss of a range of in-built benefits and guarantees.

Poor pension advice can potentially occur in many ways. One example is being told by a financial adviser to contract out of SERPS (the top up portion on national insurance contributions) and leave, or not join, an employer’s occupational scheme. Even leaving an employer’s pension for a small number of years and re-joining can turn out to be a very costly error.

Boom And Bust Of Oil Services

The oil and oil services industries have seen times of boom, but then also of bust. For example, both in 2008 and 2015 with the collapse of oil prices. The resultant job losses saw employees move onto pastures new but sometimes advised by less scrupulous IFAs to move their fund out into a personal pension on the basis that their former occupational scheme was somehow of poor quality or otherwise flawed.

Finally, we have those who retired or took voluntary redundancy and were in a position to access their pension immediately. Once again, the benefits of moving away from the haven of a defined benefit final salary scheme to a private pension has, on occasion, been unfairly embellished by advisers.

Poor pension advice given on even relatively small funds up to 30 years ago can result in substantial compensation. If you think that you might have been the victim of poor pension advice, Beat the Banks are here to check. Our free pension calculator can establish whether moving away has left you out of pocket. To find out more, call us on 01382 200474 or text Pension to 87007

Oil And Gas Pension Compensation Claim

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  • Mrs C, Glasgow

    “From beginning to end, Beat the Banks have been very efficient. I am very pleased with the service from Jenna and the team. I am highly delighted and I have been recommending all of my friends.”

  • Shona, Dundee

    “Huge thank you to the team. After attempting to claim PPI myself and getting absolutely nowhere, I got Beat the Banks involved and ended up getting  £12,000. What a result. Beat the Banks made it so easy and were committed right to the end.”

  • Mr A McQuillian

    “From previous experience of PPI claim companies, I was a bit dubious if anyone could help me but I thought I would try Beat The Banks. To say I am pleased with the service and conclusion to my claim is an understatement. Beat the banks and my claim handler in particular handled all aspects of the claim from Clydesdale Bank with professionalism, courtesy, and efficiency to secure a positive result on my behalf. I would certainly recommend the services of Beat the Banks to anyone who thinks they have PPI claim, especially with the Clydesdale Bank.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • T & A, Dundee

    “Down entirely to Mike’s hard work, we previously had a successful claim with Clydesdale Bank. Mike was convinced we had more loans with PPI and he was relentless in efforts to recover our paperwork from the bank. Finally, after many attempts, enough records were recovered to submit several claims. We have now received much more compensation, covering loans going back many, many years. If it had not been for Mike and the team at Beat the Banks this would never, ever have happened. Literally, all we did was sign our name and bank the cheque.”

  • Mrs S, Falkirk

    “I was apprehensive about using a company to claim my PPI as I had previously responded to a “cold call” and was pestered with calls. I heard about Beat The Banks on a local radio station and because they were based in Scotland I felt comfortable approaching them. I have had a very positive experience with Beat The Banks. They are not pushy and answer any queries timeously. All the Agents I have spoken to were knowledgeable, polite and friendly. After the initial information gathering conversation, they understood my needs and just got on with my claim. No hassle. Even when it was clear that my claim was of a relatively low value they processed without delay. I would definitely recommend using Beat The Banks …. they put all the other companies out there to shame.”

  • Mr & Mrs M, Shetland

    “We really appreciate the doggedness and professionalism of Jenna and the team at Beat the Banks. This is something we’d never have gotten round to doing and we’re so glad we went through the process with professionals as we’ve now had great results. Only positives have come from the experience.”

  • Mrs S, Falkirk

    “Excellent service so helpful, I received a substantial sum back that I had no idea I was due, thank you again to Beat The Banks especially to Gary who was so helpful and efficient in every way.”

  • Dave & Linda , Dundee

    “We had no paperwork but £52,500 reasons to say thank you, we are now living our Spanish dream! Exceptional service.”

  • Mr S, Dingwall

    “Have just found out I have won all my cases with the bank, going back many years and been awarded compensation of just over £15,000!”

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