A Bury man was awarded hundreds of thousands of pounds after his pension was found to be mis-sold.
Pensioner Arthur Bunbury, 75, was overjoyed when he found out that he was entitled to six-figures for being strong-armed into a pension product he didn’t want.
Arthur worked in the same factory for over fifty years, starting on the factory floor and working his way up to operations manager.
But when the company was bought out by a well-known global manufacturing company there were suddenly a lot of changes.
“The whole culture just changed; it didn’t feel like it used to anymore. People were being sacked left, right and centre, and it was a very uncertain time,” Arthur recounted, sadly.
One day, Arthur was pulled into a meeting with his manager and a team of new executives representing the parent company. He was told that it was now company policy for everyone in the company to be on the same type of pension.
Arthur was happy with his pension which was a defined benefit scheme, but he was told he had no choice. His superiors insisted that he moved to a final salary transfer pension. He felt trapped.
“They heavily implied that if I didn’t agree to switch over then my position would be at risk. I was terrified of losing my job, so I agreed. I asked them if the money I had already paid towards my pension would transfer over and they brushed off my concerns,” Arthur told us.
When he retired, Arthur was presented with his pension policy. In addition to having lost the benefits of his original pension, it came in tens of thousands of pounds lower than he expected.
Arthur was “devastated”, and he felt embarrassed. He withdrew to his house and became a recluse. It took his son checking up on him after repeated ignored phone-calls and cancelled meetups for him to come clean about his pension woes.
His son, Archie, did some research and came across The Pension Lawyers, a pension claims company. He encouraged Arthur to make a claim, but he was reluctant. Archie wouldn’t take no for answer and Arthur relented.
“It was the best decision I’ve ever made. I told The Pension Lawyers what had happened, and they told me I had a very strong case” he said.
The Pension Lawyers pursued the claim and within weeks Arthur was awarded six figures. The final payment was made up of the money he had forfeited from transferring his pension in addition to tens of thousands worth of compensation.
“I was in shock, total shock. This money has absolutely changed my life – I’ve been able to set myself up for a comfortable retirement and provide for my children and grandchildren,” Arthur told us.
Felicity Klein, adviser at The Pension Lawyers, said one check is all it takes for a pension policy to be exposed as mis-sold.
“It’s so simple, but too many people forget to check the detail of their pension policies. Talk to us and we’ll uncover anything untoward in your pension or in the way it was sold to you. We’ll make sure justice is served and you live out the rest of your days in peace and comfort” Felicity told us.