Thousands of state pensioners who had a specific job have been warned they may have lost “thousands” as pension pots “disappear”. Experts have issued advice as to which ‘red flags’ to look out for.
Spencer Churchill Claims Advice warns military veterans could have been mis-sold pension transfers, resulting in “devastating financial losses”. It has seen a “significant increase” in people impacted by “unsuitable, unregulated schemes”.
Veterans were urged to open pots by “unregulated salespeople and advisers, often without a full explanation of the risks”. They said said: “Military pensions are among the most secure and reliable available, offering inflation-linked benefits and long-term stability.
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“However, many veterans were convinced to transfer their funds into private schemes without being properly informed about the risks, hidden fees, or potential for financial loss. The firm has seen a growing number of military personnel impacted by mis-selling in recent years.”
A spokesperson for the firm added: “We’ve seen a sharp rise in veterans coming forward with pension mis-selling claims. Many were misled into believing they were making a smart financial decision, only to later discover they had lost significant amounts of money.
“The military community has been heavily targeted by advisers pushing unsuitable pension transfers.” Thousands of Armed Forces personnel were advised to transfer out of secure pension schemes, often unaware of the financial risk involved.
Many were promised better returns but, in reality, were left with lower pensions, reduced benefits and financial uncertainty in later life.
Experts warn that cases highlight the urgent need for veterans to review their pension history to check if they were mis-sold a transfer. A spokesperson from Spencer Churchill Claims Advice said: “We see too many veterans who were misled into transferring their pensions, often without full transparency about the risks. If you served in the Armed Forces and moved your pension, you could be owed compensation.”
