Hilary Meredith Solicitors has launched a military pensions and mis-selling practice with the appointment of Andrew Purcell.
With extensive experience in the financial services sector spanning over 30 years, Andrew has vast knowledge and understanding in many areas including pensions and investments.
The Armed Forces Family, made up of the Army, the Royal Navy (which includes the Royal Marines) and the Royal Air Force have been provided with a gilt edged, non-contributory, pension scheme since its inception in 1975 (AFPS 75), and subsequently replaced by the AFPS 05 (launched 6th April 2005) and AFPS 15 (launched 6th April 2015).
All of these pension schemes offer various valuable benefits and the pension itself is commonly referred to as ‘Final Salary’, ‘Company Pension Scheme’ or ‘Defined Benefit Pension Scheme’, all of which mean the same - membership of one of the most generous pensions available in the UK, providing a guaranteed, inflation linked pension income for retirement with various benefits passed on to the surviving spouse or nominated beneficiary in the event of death.
With the launch of Personal Pensions on 1st July 1988, came the beginning of one of the biggest pension mis-selling scandals ever witnessed. Armed Forces Pensions were subject to legislative change bought in by the government in 2015 (following recommendations from the Hutton report), however from 01/07/1988 until 06/04/2015, thousands of Armed Forces personnel were targeted by sales representatives, IFA’s & Insurance companies, as well as a number of non-regulated introducers, persuading them to move their AFPS pensions promising that they’d be better off in retirement.
Commenting on his decision to join Hilary Meredith Solicitors, Andrew Purcell said:
“I am looking forward to starting an exciting chapter by joining the amazing team here at Hilary Meredith Solicitors. I am committed to developing a new specialism for the firm, focused around the financial sector and its numerous advice failings”.
Welcoming Andrew, Hilary Meredith-Beckham said:
“Andrew is a highly committed, reliable and enthusiastic individual, with a strong passion and determination to succeed.
“He has a real passion to help his clients, none more so than the armed forces family, with whom he has worked for several years.”
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