Chief Executive update – find out more

Topical Pension Issues

Transfers Out

Dan Jarvis MP, asked Johnny Mercer, Parliamentary Under Secretary of State, how many members had left the Armed Forces Pension Scheme.

The answer was “Prior to the public sector pension reforms of 2015 which prohibited Service personnel from making transfers to non-defined benefit schemes, Service personnel had the right to transfer their pension benefits to any HMRC registered scheme. Between 2010 and 2015, some 4,600 members of the Armed Forces Pension Schemes transferred their pension benefits to non-defined benefit schemes, such as other private or occupational pension schemes.”

If you think that you (or a veteran you know) may have been misadvised, you should contact the compliance department of the firm that handled the pension transfer. If you do not get satisfaction, you should appeal to the Pensions Ombudsman at https://www.pensions-ombudsman.org.uk/our-service/make-a-complaint/

If you think you have been scammed report it to Action Fraud on 0300 123 2040. Members can check whether the organisation or adviser who persuaded them to transfer their funds was registered with the Financial Conduct Authority by calling 0800 111 6768.

If they are or were registered, people may be able to claim compensation from the Financial Services Compensation Scheme on 0800 678 1100 if the firm is no longer in business, or make a complaint to the Financial Ombudsman Service on 0800 023 4567 if the firm is still in business.

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