Rosyth Dockyard Pension Compensation Claims
Did you work at Rosyth Dockyard and were you advised to move your occupational pension away? HM forces and employer defined benefit final salary pension schemes typically contain valuable benefits and guarantees, which are then lost forever if you transfer out.
It is not surprising that the FCA’s opening gambit on defined benefit final salary pension schemes is that staying with an existing scheme should always be the default position. They agree that occasionally, it can be sound advice to move elsewhere BUT that it is highly dependent on a number of crucial key factors. This means that if you were given advice to move away any time after 29 April 1988, then it is possible you may have been the victim of poor pension advice.
A major employer in Fife since construction first started back in 1909, the Dockyard was controlled by the Ministry of Defence up until 1987 when Babcock Thorn was awarded the management contract. In 1997, it was purchased by Babcock and fully privatised.
Highs And Lows Of Rosyth Dockyard
In the intervening 100 plus years, the fortunes of Rosyth Dockyard have experienced great highs and lows with redundancies and early retirement, compulsory or otherwise being seen all too regularly.
Redundancy often brought with it substantial pay-outs. In an area heavily represented in the past by all the main banks, as soon as the funds hit the bank account, the sales teams swung into action offering both investment and pension advice. Financial advisers also carefully monitored downturns in the dockyard’s fortunes. The fact remains that both pension transfers and investment advice have traditionally offered attractive commissions for the sellers.
Importantly, even what may have been considered as a relatively small pension pot transferred away twenty or thirty years ago, may now qualify for substantial compensation if it is proven that the advice given at the time to transfer away was poor.
If you have been advised to transfer any Rosyth Dockyard pension and are in any way concerned that you may have been left out of pocket, Beat the Banks is currently offering an entirely free pension check. To find out more, you can call our team on 01382 200474 or text Pension to 87007