According to Ollie Ollerton, former UK special forces soldier, best-selling author, and star of SAS: Who Dares Wins, the military community has been “infiltrated by fraudsters and crooks” trying to get their hands on valuable MoD pensions.
- Many former service personnel have transferred their pensions into unsuitable private schemes
- They may have been targeted by unscrupulous overseas companies and unregulated salespeople
- Many military personnel have lost thousands because of transferring their pension.
Prior to 2015, thousands of former and current service personnel transferred their money out of the MoD pension scheme. All too often, they did this after being targeted by forceful overseas companies and unregulated salespeople. However, these salespeople did not explain the risks, and many servicemen and women have lost thousands of pounds as a result. Many veterans were advised by UK financial advisers and transferred their valuable military pension into a UK personal pension plan or a SIPP.
Ollerton is working with our firm to raise awareness of this issue and help those affected get back what they are due. Those affected could be owed hundreds of thousands of pounds.
Commenting on the military pension mis-selling scandal, Ollerton said: “Our military community has been infiltrated by fraudsters and crooks trying to get their hands on our valuable pensions.”
According to Mark Kenkre, head of investment fraud and mis-selling at KP Law: “We know that the risks and potential losses involved would not have been clearly explained as it is unlikely that these individuals would have moved their secure, and valuable, pensions elsewhere with the benefit of this information.”
He continued: “Ollie Ollerton understands the sacrifices made by military personnel throughout their career and is as passionate as we are about raising awareness of the scandal.
“Some military staff may not be aware that they have potentially lost thousands of pounds, particularly if their current pension appears to be doing well. Our campaign seeks to deliver redress for individuals who deserve to enjoy the full benefit of a military pension and who have been prevented from doing so.
“Crucially, if you were advised by a financial adviser who was regulated in the UK to transfer your military pension to a SIPP or QROPS, this increases the chances of us being able to make a successful claim on your behalf.”
Has your military pension been mi-sold?
If you were persuaded to transfer your British Armed Forces pension to a private scheme you might have been mis-sold if the risks of transferring were not fully explained, you have lost money or guarantees because of transferring your pension, if you have discovered that you cannot access your pension or if you have been hit with high fees and charges.
The transfers took place before 2015 because, after 2015, service personnel could no longer transfer their money out of the MoD scheme into private pension arrangements.
Anyone who was advised by a regulated financial adviser to move their military pension to a SIPP, QROPS or other personal pension may be able to make a claim for any losses they have incurred. Even those who weren’t advised but moved their military pension to a SIPP or pension provider which is or was regulated by the Financial Services Authority (FSA, now called the Financial Conduct Authority) may be able to claim, particularly any veteran who moved their pension to STM, Carey SIPP (now Options or Carey Options).
There is no better pension than the UK military pension
Commenting on the scandal, Ollie Ollerton said: “There is no better pension than a UK military pension. They are robust, reliable and stick with inflation. To think that the rug would have been pulled from under my feet and my pension would have been stolen would be absolutely devastating.
That’s why I’m working with KP Law to ensure that we get justice for the veterans that are affected.”
KP Law has launched a group action to help victims of military pension mis-selling claim compensation. Those affected can contact the firm in confidence to discuss their case.