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British veteran wins £92,800 after mis-sold pension transfer

by Muna Abdi
February 11, 2025
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A British Armed Forces veteran has been awarded £92,802.71 in compensation after being mis-sold a pension transfer that cost him nearly £93,000 in lost retirement funds in 1993.

Mr J was advised to transfer out of the Armed Forces Pension Scheme (AFPS) which caused him severe financial loss. In 1993, Royal Life (now Phoenix Life) promised better returns if he moved £7,233.36 into a personal pension.

The new plan required extraordinary performance to match AFPS benefits and Mr J later realised he had a shortfall of nearly £93,000.

Phoenix Life initially rejected his claim, citing a 1999 review offer he never received due to outdated contact details. Mr J turned to Spencer Churchill Claims Advice and after proving his evidence of his current address, the case was reopened leading to Phoenix Life admitting fault and awarding him £92,802.71.

Thousands of Armed Forces personnel were misadvised to leave secure pensions with promises of better returns but many ended up with lower pensions and financial uncertainty.

Experts and Mr J, who remains anonymous, stress the importance of veterans reviewing pension history to identify potential mis-selling.

Mr J says: “I trusted the advice I was given at the time. I had no idea I was walking away from financial security. Without Spencer Churchill’s help, I would never have known the true extent of what I had lost.”

A spokesperson from Spencer Churchill Claims Advice says: “We see too many veterans who were misled into transferring their pensions, often without full transparency about the risks. If you served in the Armed Forces and moved your pension, you could be owed compensation – just like Mr. J.”

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