NHS Pension Transfer Claims
Mar 01, 2021
Working for the NHS entitles you to a defined pension scheme
Having a pension is an essential part of any job, and NHS Staff receive some of the most valuable benefits from their occupational pension as opposed to the other workforce schemes.
The NHS provides a Defined Pension Scheme based on your final salary or average from your earnings. This guarantees an income when you turn to retirement, allowing you to reap your salary pay-out until you die. Your Defined Benefit Pension Scheme allows you to be paid based on how many years of service you have provided to the NHS in conjunction with the salary you have earned.
By staying with a Defined Benefit Pension Scheme, NHS can receive:
- Death in service benefit allows payments to be transferred to your partners or dependents if you die before reaching the secured pension age
- Full pension pay-out if you have to retire earlier than the qualifying age due to ill health and/or other reasons
- Reduced annual rate if the Pension holder retires earlier than the pensionable age
- Opportunity to also pay your spouse a pension
In the last 6 years, did you transfer out of your NHS pension?
Whilst most NHS Staff will pay into a Defined Pension Scheme, many members can accidentally fall into a trap of being missold by Pension Advisors or Financial Advisors who may have given poor advice to transfer their NHS Defined Benefit Pension Scheme into a different Pension Policy.
These financial advisors will tempt staff with potentially improved access to tax-free cash or increase of pay-out once they reach retirement - but these schemes are often worse than their current scheme and NHS Staff may lose out on their benefits and maybe become worse off having made this decision.
The next steps to begin recovery of your losses...
Angelus Law offers NHS Staff who have missold a pension scheme a legal route to make a compensation claim and potentially get back the benefits they may have lost.
Four Steps to recovery:
- Contact Angelus Law - They will discuss your pension history and your current situation
- They will request DSARs (Data Subject Access Request) from the original pension provider and current provider
- They will then be able to establish what losses have occured as a result of the transfer
- This will allow them to proceed with a claim on your behalf as a solicitor, to recover the losses you had incurred due to poor financial advice that you may have received.
Does this relate to you?
Would you like to discuss it further?
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