Mis-Sold Pension Claims
Have you been a victim of pension mis-selling?
Has a mis-sold pension meant you have had to change your retirement plans? Have you lost tens or even hundreds of thousands of pounds from your pension pot due to mis-selling?
Unfortunately, many people find themselves facing these scenarios each and every day.
If you have been a victim of pension mis-selling, you could be entitled to a significant compensation payout that could go a long way to putting your retirement plans back on track.
A maximum £85,000 compensation is currently available from the Financial Services Compensation Scheme (FSCS). Even if the company that advised you about your pension is no longer trading you can still make a claim. If you have concerns about your pension, get in touch with us today to see if you can claim compensation.
What types of pension mis-selling claims can LawPlus Solicitors help me with?
- Final salary pension transfer mis-selling, particularly if you have lost significant guaranteed benefits because of your transfer.
- Self-invested personal pension (SIPP) mis-selling, which has left you significantly worse off or with no remaining pension pot at all.
- Mis-sold annuity policies, which may not have been suitable for your circumstances and needs at the time.
Final Salary Pensions
How do I know if my final salary pension transfer was mis-sold?
In short, a final salary transfer should only be considered under very limited circumstances:
- the client is in significant and immediate debt
- the client has a significantly shortened life expectancy.
Which jobs come with Final Salary Pensions?
- Teachers
- Military
- NHS
- Council Workers
- Politicians
- Public Services
- Large Institutions
- Museum Curators
- Police
- Prison
- Royal Mail
- British Airways
- BT
- British Rail
- BAE
- Barclays
- Tesco
- Tarmac
- Pharmaceutical
- Miner
- Carillion
- British Steel
SIPP Investments
Which SIPP investments were mis-sold?
If your SIPP investments include the following products, you are urged to get in touch for a FREE mis-sold SIPP claim assessment:
- Storage Pods
- Ethical Forestry
- Dolphin Capital
- Cape Verde
- Overseas Property
- Property Bonds
- Sustainable Agro Energy
- Australian Farmland
- Berkeley Burke
- GPC SIPP
- Greyfriars
- Guinness Mahon
- Liberty SIPP
- Organic Investment Management
- Car Parks
- Carbon Credits
- Elysian Fuels
- Invest US Exist Strategy
- Global Plantations
How do I know if a SIPP was mis-sold?
Your SIPP may have been mis-sold if your financial adviser:
- Told you to open a SIPP as it was better than other pension options.
- Told you it was your only choice and did not discuss a range of investment options.
- Reviewed your existing pensions and subsequently recommended you consolidate them into a SIPP while offering no alternatives.
- Advised you to move your pension into high-risk investments.
- Pressurised you into opening a SIPP.
- Told you to open a SIPP primarily for tax reasons rather than for benefits related to your pension and retirement.
- Failed to give you all the relevant information about SIPPs, including potential risks.
- Did not tell you that HMRC can change tax rules at any time.
- Gave you unclear or vague advice, whether deliberate or not.
- Did not make clear the initial and ongoing fees and costs associated with a SIPP.
- Has not offered or provided you with annual reviews of your SIPP.
Annuities
Each annuity recommendation should match your circumstances at the time of sale, however sometimes a standard annuity rate is not suitable. If you were in good health and a standard life expectancy was expected, then a standard annuity rate may be suitable.
How do I know if an annuity was mis-sold?
Your annuity may have been mis-sold if:
- You were not given a range of annuity options.
- You incorrectly received a standard annuity rate.
- Your annuity finishes when you pass away, but you were not given the option of a joint life annuity to cover your partner.
- Your annuity has undisclosed charges that leave you significantly worse off.
- You were approached about buying an annuity out of the blue, such as via cold call or email.
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Mis-Sold Pensions FAQs
The length of time between making a claim and receiving your compensation depends on several factors, not least the cooperation and responsiveness of the firm you are claiming against.
The first thing to do is contact LawPlus Solicitors today.
We will discuss your potential mis-selling case, gather your details, and then conduct a free, no-obligation review of your pension. If we believe pension mis-selling compensation is due, you can instruct us to bring a claim on your behalf. You are under no obligation to do this and can make a claim yourself should you wish.
If you do instruct us to proceed with a claim, we will start the process straight away.
This depends on several factors, including how you were mis-sold, the scale of your financial losses, and whether the financial adviser or pension provider that mis-sold your product are still in business.
If your financial adviser is no longer trading, you could claim up to £85,000 via the FSCS.
If your financial adviser is still trading but disagrees that they mis-sold your pension product, your case will be progressed via the Financial Ombudsman Service (FOS). Depending on when the mis-selling took place, the FOS could award up to £350,000 for a mis-sold pension.
It depends on what was in your pension in the first place and how you were mis-sold.
Some people are lucky and suffer minimal cash loss but are still able to claim on the basis of receiving bad or misleading advice. Sadly, many others suffer significant losses, in some cases seeing the value of their entire pension pot reduced to nil.
Irrespective of your specific circumstances, we can help you get the compensation you deserve if your pension was mis-sold.
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