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What is a Mis-sold pension?
Essentially, a mis-sold pension is any kind of pension scheme which you were persuaded to invest or transfer, these transfers involve taking your money out of safe investments and putting it into risky or unregulated alternatives. Usually, these transfers are sold by financial advisors with the promise of a large return and a comfortable retirement.
Pressure Selling
Were you pressured into investing your pension into something you didn’t want or need?
Unsuitable Scheme
Were you advised to transfer your existing private pension fund to a new, higher return scheme even though it wasn’t suitable for your needs?
Unexplained Fees
Were there any surprise fees or additional costs attached to the investment that you weren’t made aware of from the start?
Unexplained Risks
Were there certain risks attached to your SIPP that you were not informed of when you agreed to invest?
Lost Investment
Have you made significant losses as a result of any of the above issues?
Bad Advice
You were not given annual reviews, ongoing support and projections.
Self Invested Personal Pensions
A Self Invested Personal Pension (SIPP) is a scheme that gives you a higher level of control over your own pension. This means you get access to more choices on where you can invest your retirement fund, allowing you to manage your own investments and savings, rather than relying on a pension company or fund manager. The appeal of such a scheme is clear, but the risks associated with it are sometimes not made obvious to investors.
Mis-sold SIPPs
Mis-sold SIPPs have become the subject of an increasing number of complaints made to the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS)
Examples of common SIPP investments include:
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Forestry Schemes such as Ethical Forestry Ltd
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Self-storage Pods
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Overseas Real Estate
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Green Energy Projects
Mis-Sold Final Salary Pension Claims
Mis-sold SIPPs have become the subject of an increasing number of complaints made to the Financial Ombudsman Service (FOS) and the Financial Services Compensation Scheme (FSCS)
Mis-Sold Annuities Claims
With an Annuity policy, you’re essentially buying an income for your life in retirement. Indeed, for a lump sum – or the cost of your pension pot – the annuity gives you a permanent income, in monthly or yearly installments.
To calculate how much you’ll receive each year, the financial provider will look at things like your health, age, and lifestyle to determine when you may die.
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