Has Scottish Widows mis-sold you your Pension or Pension Transfer?

Throughout the 1980’s, 90’s and early 00’s, thousands of people were advised by Financial Advisers and in house Agents to Transfer their Pension to Scottish Widows on the premise of better returns and overall growth on their Pension. Many of these people were advised to Transfer out of their Employer Pension Schemes and move them to Scottish Widows.

In many of the cases we have investigated, the advice given to people to move their Pension to Scottish Widows has been proven to be poor financial advice, this has resulted in millions of pounds being paid back to clients in the form of compensation. This is because many people were not advised of the benefits that they could lose by Transferring their Pension to Scottish Widows, resulting in a direct loss in their overall Pension.

A quick consultation with one of our specialists could be enough to identify whether or not you have a potential claim in regards to the above. In turn, this could result in you finding out that you are in fact owed thousands of pounds in compensation for the advice you received.

Have you been mis-sold your pension or pension transfer by Scottish Widows?

Scottish Widows may have mis-sold you your pension transfer if any of the below statements are relevant to you at the point of sale:

  • Were you advised by Scottish Widows that by opting out of your company pension scheme you would lose the guaranteed benefits you would have received from your company pension scheme?
    • Scottish Widows should have advised you that by transferring your pension you would lose key benefits associated with company pension.
  • Did Scottish Widows discuss any other suitable options with you in a fair and balanced way?
    • No other options were discussed with me by Scottish Widows, a pension transfer was the only option presented to me.
  • Did Scottish Widows correctly establish your attitude to risk?
    • Scottish Widows should have established your attitude to risk with regards to a private pension.
  • Did Scottish Widows make you fully aware of any charges you could incur and any impact they could have on your pension?
    • Scottish Widows should have made you aware of any fees and charges throughout the term of the pension.
  • Were you advised by Scottish Widows that by opting out of your company pension scheme you would lose the employer contributions that would have been paid into your company pension scheme?
    • Scottish Widows should have advised you that by transferring your pension you would lose all future employer contributions into the pension pot.