The pension mis selling scandal that have started in the late 1980’s seems to never have stop and continued on - With over a million of people who have known to be given with a wrong and misleading advice of taking out personal plans instead of leaving them in the good hands of company scheme.
Nowadays, when the population and the cost of living are tremendously increasing – it is essential to have some form of pension plan. It’s to ensure people that they will have a comfortable life even after retirement and that they can still shoulder the cost of those later years. It generally means, using the money invested in stocks and shares into paying a pension scheme.
That is where those high risk and ineligible investments comes in, taking advantage of those little and financially inexperience investors; luring them with a promise of big returns and a potential gain in their pension pot.
A pension mis selling may lead you into a situation wherein:
- You were advised to transfer away from a Final Salary Company Pension.
- Your new pension was not compared to a low-cost stakeholder pension.
- You were advised to transfer to a Self-Invested Personal Pension (SIPP).
- You were placed into a high-risk portfolio.
- You were not given annual reviews, ongoing support and projections.
- You were transferred away from a pension that had a higher tax-free cash limit.
- You were charged ongoing servicing fees.
If any of those following circumstances apply to you then you may be entitled to a claim:
What You Can Do
If you alreadyverified that you have been mis sold a pension, you don’t have to worry. There are many possible options on how you can pursue a compensation claimagainst the IFA involved in the investment or the provider of your SIPP.
One of the options you have is to contact and ask for an advice from a specialist firm like Pension Justice.
Pension Justice helps clients identify if they have been mis-sold a pension or other financial product and if they have, work hard to get compensation for them.
“Pension Justice was established specifically to obtain redress for any person throughout the United Kingdom who has been the victim of an act of pension or financial mis-selling which led to them suffering financial losses.”
They strictly work with their principles:
- No Win, No Fee –They will not charge you for unsuccessful claim.
- Clear Advice – They will make sure that you will fully understand everything that concerns you, like: What investments you have, how they might affect you in the future, and how they can help you.
- Keep You Updated – They will constantly inform you of what is happening with your claim, providing you with a detailed information.
Another option you have, is that you can raise it with the Financial Ombudsman Service (FOS). Knowing as early as possible if you have been a victim of pension mis selling is very important, because there are a strict time limits in place.