Pension

Mr B from Doncaster, a worker at Brodsworth colliery. He was advised in 1991 to transfer his pit pension of £13,215 to Sun Life Financial of Canada by one of their agents. Eventually, they accepted responsibility for the bad advice and paid compensation of £192,214.

Mr T from Scunthorpe worked for British Steel and was persuaded by a Prudential agent in 1988 to transfer his British Steel Pension of £12,207 to them. Compensation of £92,232.11 paid.

Mr W of Sutton-in-Ashfield was advised in 1989 by an IFA, Bale Insurance to transfer his pit pension of £5,807 to Standard Life. The IFA was no longer in business and therefore the Financial Services Compensation Scheme agreed to deal with the claim and awarded compensation of £48,000.

Mr M from Crewe worked for Rolls Royce and was persuaded by an IFA, Moray Financial Services to transfer his Rolls Royce pension fund of £3,422 to Scottish Equitable. He was awarded £35,047.20 by the Financial Services Compensation Scheme after a successful claim had been made due to the IFA no longer being in operation.

Mr H of Huddersfield was a miner and member of the Mineworkers Pension Scheme. In 1991 he was persuaded by an agent of the Colonial Mutual (now Aviva) to transfer his pit pension of £4,639 to them. Aviva eventually agreed that he had been wrongly advised to transfer his pension and compensation of £84,456 was…

Mr J from Easington was a member of the MPS and in 1993 was persuaded by an agent of Sun Life Financial of Canada to transfer his pit pension of £10,849.24 to them. In the end, they admitted that this was poor advice and paid compensation £77,461.33.

Mr G from Scunthorpe was a Teacher and a member of the Teachers Pensions. An agent of Sun Life Financial of Canada persuaded him to move his teacher’s pension of £12,228 to them. The pension provider accepted liability for the bad advice and compensation awarded of £121,398.

Mr H from Stoke-on-Trent had an Armed Forces pension and in 1990 was persuaded by an agent of Canada Life to transfer his forces pension of £13,553 to them. Canada Life admitted that the pension had been miss-sold and compensation of £94,930 was paid.