Work Pension Claim Win for another Coal Miner

Work Pension Claim Win for another Coal Miner

Corries have successfully made another Work Pension Claim for a retired coal miner who had lost out when mis sold a pension.

The Facts

Our client Mr B, from Chesterfield is now 63 years old. When he was made redundant from the coal mines in the early 1990s he was a member of the Mineworkers Pension Scheme (MPS).  Within 18 months of being made redundant an Independent Financial Adviser (IFA) persuaded him to transfer his pension to Pearl Assurance, now Phoenix Life.

Enquiries revealed that the IFA had gone out of business.

Corries Claims Handler Dave Lamb explained what happened next.

“After a lot of investigating we were able to trace the IFA. We were able to prove that he was in fact regulated by the financial authorities when he sold the pension.

We then took the case to the Financial Services Compensation Scheme (FSCS)  to convince them to deal with it.

The FSCS made us provide various information. After those enquiries we eventually managed to secure a payment of £48,000 in accordance with the FSCS payment cap”

Comment

Dave added

“This case shows how widespread the mis-selling of pension was to people in the nationalised industries. My client is one of many thousands who have worked in the steel, coal, civil service or other associated government bodies. They have paid many years of contributions and through poor advice have lost out. The losses have affected them when they are too old to work or earn any more.

It is clear that this misleading advice has cost my client a lot. However with this sum he can now plan out a more secure and financially easier retirement.

Have you been mis-sold or been persuaded to move your work pension? If you think you might have lsot out then telephone our Work Pension team on 0800 988 7997. We are here to help you get the compensation you deserve.