Rectifying Redress for Transfer Victims
from FT Adviser
Victims of defined benefit transfer misadvice are facing a double whammy when it comes to compensation calculations. According to campaigners supporting those who have been found by the regulators and compensatory bodies to have been wrongly advised to transfer out, not only do they face wildly differing levels of compensation, depending on when the calculations are carried out, but they also have to bear all the investment risk themselves. This FTAdviser In Focus podcast looks at why the calculation methodology used by the Financial Services Compensation Scheme could leave some former DB pension members with redress worth up to 40 per cent less than peers in a similar situation, and what can be done to ensure the optimum retirement income for these victims. The FTAdviser Podcast is designed to inform regulated UK advisers on a range of topics, covering investments, pensions, regulation and other key issues.
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