With even more pension transfers to SIPPs under scrutiny, and even more cases of pension mis-selling set to be received by the Financial Ombudsman in 2017/18, we challenge those who transferred into a SIPP to ask themselves an important, retirement-saving question:
How safe is your SIPP pension?
Following the success of ITV Tonight’s How Safe Is Your Pension? aired on ITV1 on the 4th May, and featuring Get Claims Advice director Luke Sharman explaining how SIPP mis-selling happens and why it’s becoming more and more important to fight it, we thought we’d make the question more specific – and identify one of the main ways people are mis-sold their pensions – through SIPPs.
We’ve even launched our own TV advert to encourage people to think about the position their pension transfer has put them in.
Self-Invested Personal Pensions
SIPPs are a tax efficient vehicle for pension investment, allowing a lot of different types of schemes to be invested in. The problems happen when a negligent financial adviser (or even worse) persuades somebody to transfer their pensions into one, in order to invest in high-risk investments they aren’t suitable for, which could go pop at any moment and leave the pension saver high and dry when it comes to retirement.
High-risk investments are those that are either illiquid, volatile, unregulated or non-standard, or even all of them at once!
But without specialist knowledge about how to identify high-risk investments (such as those held by a sophisticated investor), most people are at the mercy of their IFA’s advice. If that IFA is less than scrupulous about their advice, or gets green eyes when they eye up the commission and advice fees involved in a transfer, things can get messy.
ITV Tonight: How Safe Is Your Pension?
We loved How Safe Is Your Pension?, but we also know that this is just the first step towards getting our campaign to END pension mis-selling to where it needs to be, and we still have concerns that the vast majority of those who have been mis-sold are still unaware of it. So how can they tell?
Well, if you have investments like forestry, overseas property, green energy, storage pods, commercial or residential property, or basically anything other than listed stocks and shares, you may have invested in non-standard assets, and may have been mis-sold.
So how do you answer the question; How safe is my SIPP pension?
We can help with that. Get Claims Advice deal with mis-sold pensions everyday, and have seen practically every situation possible. That’s why we’re able to offer our initial assessment service for FREE, with no obligation to continue.
Just get in touch to tell us the basics of how you’ve invested, and what you’ve invested in, and we’ll work out whether it looks like you’ve got a case to make a winning claim!
If you’ve got a SIPP, it could be that you’ve been caught up in the pension mis-selling scandal, so call 01204 205 061 or use our contact form to organise your FREE initial assessment – it might even save your retirement!