A landmark ruling by The Pensions Ombudsman (TPO) could mean if you fell victim to a pension transfer scam, you may now get compensation.
The ruling held a pension holders previous pension company (the ceding company) responsible for not warning them about the possibility of the transfer being a scam.
A complaint against the Northumbria Police Authority was upheld by TPO for transferring a member of the Police Pension Scheme benefits to a new scheme without conducting adequate checks.
The ruling sends out a strong message that pension companys have a responsibility to their clients to ensure they are not falling victim of a scam when transferring pension benefits.
This is a particularly important ruling where unregulated introducers pressure investors to transfer their “safe” pensions into alternative investments offering high returns.
If you feel you have been a victim of this kind of pension transfer scam then we’d like to hear from you. We can help you claim compensation for your loss.