When a member of the armed forces retires, they receive one of the most generous pensions available in the UK. Since 2015, service personnel cannot transfer their money out of the MoD pension scheme, but before this, many in the armed forces were persuaded to move their valuable pensions into private schemes. They did this after being targeted and advised by unregulated salespeople and overseas companies who failed to explain the risks.
On the advice of these financial advisors, many service men and women put their pensions into high-risk, unregulated, and unsuitable policies. Keller Lenkner UK believes that those affected by the mis-selling of military pensions could be owed hundreds of thousands of pounds.
Was your pension mis-sold?
Your pension may have been mis-sold if:
- You transferred your military pension to a private scheme.
- You were approached prior to 2015.
- You were not told about the risks of transferring your British Armed Forces pension (or these were not fully explained).
- You did not understand that your pension could run out if you transferred from the British Armed Forces pension.
- The negligence of your financial advisor has (or could) made you worse off in life.
You may have been mis-sold even if your current pension pot seems healthy.
As a result of the mis-selling of military pensions, many service personnel have lost thousands of pounds from their pensions as well as all the guarantees that their original scheme provided (e.g. a guaranteed pay-out for the rest of retirement and a pension that keeps pace with inflation). They may also have been hit with high fees and charges or found that their pot is frozen and they are unable to access it.
