Veterans have been ‘mis-sold’ pension transfers, a firm has said. (Image: Getty)
Thousands of could have been mis-sold transfers, resulting in “devastating financial losses” and empty savings pots, experts have warned. A firm has reported it has seen a “significant increase” in people who have served seeking help in recent years after being persuaded to move their military pensions into “unsuitable, unregulated schemes”. Spencer Churchill Claims Advice said that between 2013 and 2015, many personnel were advised to transfer their funds by “unregulated salespeople and advisers, often without a full explanation of the risks”. The company added that some veterans lost thousands of pounds while others “saw their entire pension pots disappear”.
Experts said: “Military pensions are among the most secure and reliable available, offering inflation-linked benefits and long-term stability. 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.”
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Many veterans were ‘convinced to transfer their funds into private schemes’. (Image: Getty)
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.”
: [REPORT]
Veterans have been told to look out for signs if they suspect they may have been mis-sold a pension (Image: Getty)
Key warning signs have been shared, and experts have urged veterans to keep an eye out for these “red flags” if they suspect they have mis-sold a transfer:
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Difficulty accessing your pension funds
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A significant drop in value due to failed or fraudulent investments
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Loss of pension guarantees that were originally included in your military pension
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High fees and charges that were not clearly explained
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Offshore pension transfers without a clear, legitimate reason
Many affected veterans are now reportedly seeking compensation for losses, and legal experts are working to recover funds “where possible”.
is encouraging anyone who suspects they have mis-sold a pension transfer to “seek professional advice and explore their options for compensation”.