In June 2024, the Financial Services Compensation Scheme (FSCS) began an investigation after Tenet Group Limited, TenetConnect Ltd and TenetConnect Services Limited (collectively hereinafter Tenet) entered into administration.
In an Administrator’s Report in July 2024, the reason for Tenet’s failure was cited to be “potentially unsuitable defined benefit pension transfer advice.”
If you received financial advice to transfer a defined benefit pension through the Tenet advice network, then you may be eligible for compensation through the FSCS claims process.
The FSCS has just announced that it now has sufficient information to begin its assessment process which will first involve it considering a sample of claims against Tenet.
It is then expected, in the early part of 2025 that the FSCS claims portal will be open for submissions against Tenet.
What is a defined benefit pension?
Sometimes known as a “Final Salary Pension” a defined benefit pension (DB) is a type of pension where the income pot that an employee receives is calculated based on the number of years spent with that company and the salary received during that time. The main difference from other schemes is that the guaranteed benefits an employee receives when they retire includes a specific amount of money.
Why using a solicitor can help
You do not need to instruct a solicitor to proceed with a claim via the FSCS.
Hugh James has access to the FSCS’s claims portal and extensive experience in handling FSCS claims.
Using a firm of specialist solicitors such as Hugh James not only means that you don’t have to spend time considering and dealing with all the relevant paperwork it also helps ensure that all appropriate points are put forward thereby maximizing the chances of a successful outcome.
We have seen numerous cases in the past where mis-selling victims have pursued a legitimate claim themselves, only to have it turned down due to a technicality or because key grounds have not been particularised. They may then have given up the case, even though they should have been entitled to some form of compensation.
What should I do if I received advice from Tenet to transfer my DB pension?
If you received advice from Tenet to transfer your defined benefit pension, you may be able to claim compensation. If you received unsuitable advice and do nothing, you may end up with less, or no, money on retirement.
