July 13, 2022

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What to do if you’re affected by pension mis-selling

A mis-sold pension is where a pension transfer was sold with the details either misrepresented, or the full information not given.

This will correlate to the suggestions of the new pension offering better terms than your current workplace pension. It is the responsibility of a financial adviser to communicate the terms and conditions of whichever pension product they are selling

Signs of whether you’re affected

In terms of identifying your eligibility to claim, it is useful to speak to a pension compensation expert who can determine whether or not you have a likelihood of successfully claiming compensation. Get Claims Advice has a team with a variety of experience, qualified financial advisors, solicitors and industry experts with exceptional success with mis-sold investment and pension claims.

In general, there are very few examples of where transferring your pension from a workplace pension scheme has advantages to your finances. If you have been advised to take your pension out of your savings that workplace pension schemes offer, then it is most likely that you have been mis-sold a pension. In this claim, you’ll likely be eligible fora claim.

How long do you have to make a Mis-Sold Pension Claim by?

There is a limit of 6 years from when either you were mis-sold the pension, or 6 years from when you were aware of the mis-sold pension.

Legal professionals can go over these specific time limits with you in detail based on your own unique circumstances.

Who can you claim against?

You can claim against the individual and/or firm who mis-sold you the pension. Professionals can explore the details of your case and help you to decide on the best option for pursuing a claim.

Common types of mis sold pension

There are numerous of mis-sold pensions that you can be a victim of. These include SIPPs, SERPS Claims, defined contribution plans, QROPS Claims, Final Salary Claims, SAS, FSAVCs, and annuities.

What does a successful claim look like?

For many people, the money has been accumulated through a lifetime of working and saving. Advisors will examine all options to recover your losses. If your claim is successful, end results can include recovering pension funds that you previously thought you had lost, obtaining compensation for losses suffered due to receiving lower returns as a result of  switching schemes, getting pension compensation for past losses, and a better-paying annuity going forward.

Should I use a firm or do it myself?

Being a victim of a mis-sold pension is something that no one deserves. People view pensions as the best way to make their transition to retirement simple and stress-free and that’s why you need to consider getting a firm to represent you.

Any decision regarding pensions needs specialist advice particularly if the scheme turns out to be a mis-sold pension.

Get Claims Advice are Mis-Sold Pensions, Mis-Sold Investments And Final Salary Pension Transfer Claims specialists based in Greater Manchester. Check out their services here at https://getclaimsadvice.co.uk/