Think you might have been mis-sold?

Search below for investments, advisors, articles, and more… and then hit enter

01204 205 061
Home / Mis-sold Pensions

Mis-sold Pensions

Think you received inaccurate or mis-leading financial advice when you took out your pension scheme? If so, you could be owed compensation.

Here at Get Claims Advice, we’ve  recovered over £60Million* for our clients, thanks to knowledge and experience gained from over 1000 successful claims, including final salary pension claims.

So, if you suspect you may have been mis-sold your pension through a SIPP, SSAS, QROPs or final salary pension transfer, here’s how we can help you get the maximum amount you deserve.

Think you may have been mis-sold?

According to the Financial Conduct Authority (FCA), an eye-watering sixty-nine per cent of Brits looking for guidance on their pensions received unacceptable pension transfer advice in the last twelve months alone.

This means tens – perhaps even hundreds – of thousands of hard-working people across the country, just like you, could be eligible for some form of compensation.

Indeed, we’ve already claimed MILLIONS on behalf of our clients.

Simply fill in the form below to get a free, no obligation initial assessment. One of our team will be in-touch to hear your story, and determine whether you could be eligible for a no-win, no-fee claim.

In short, the whole process couldn’t be simpler.

Fill out the short form below to get your free, no-obligation assessment today.

Can you make a mis-sold pension claim?

Fill in the form below and one of our team will be in touch for a free, friendly, no-obligation chat to assess your situation

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

What are mis-sold pension claims?

As we say, right now, thousands of retired Brits could be out of pocket – or at risk of losing money – because of poor investments from careless or mis-leading financial advice.

In fact, in 2017/2018, the FSCS alone paid out over £112 million for SIPP claims. And this does not count the millions from the financial Ombudsman Service and individual companies for final salary pension claims.

So, if  you were incorrectly advised to invest your pension in high-risk sectors, chances are, you qualify for compensation.

To find out if you could make a claim, fill out our quick and easy the form above for a risk free assessment.

How does a mis-sold pension claim work?

In a nutshell, a mis-sold pension claim is a way to hold parties responsible for giving careless financial advice, and claim compensation for the risk or losses that advice might have caused.

You might already think you’ve been given poor investment advice. But to be absolutely sure, we urge you to get in touch with us today.

Although every case is different, often you will be able to make a complaint to your financial adviser or pension company. Failing that, the Financial Ombudsman Service or the FSCS should be able to help if you don’t feel comfortable making a complaint yourself.

If you would like Get Claims Advice to represent you, just get in touch. Our team of experts have a highly developed pension claims process we run through with each client. And it all starts with a FREE initial assessment.

Get Started Today

How much compensation could I be owed?

The amount of compensation you could be owed depends on a number of factors.

Sometimes, our clients will receive thousands of pounds. But often, they can walk away with tens of thousands of pounds, just like in Allan’s mis-sold pension case study.

In fact, here at Get Claims Advice, FSCS compensation payment for many claims over the last few years, and have even won claims well over £100,000*.

See more of our successful claims cases and the people we’ve helped, here.

Ready to get started?

You can do the claim yourself directly to the adviser or pension company for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free if you wish for them to review your case, providing you have approached the adviser or pension provider first, and it falls within their remit.

Types of mis-sold pension claim

SIPP Claim (self-invested personal pension)

A Self Invested Personal Pensions, also known as SIPPs, is a type of personal pension that lets you hold investments until you retire.

Unlike standard personal pensions, SIPPs let you can choose from a number of investments, including things like insurance company funds, traded endowment policies and commercial property.

If one of the following applies to you, you may have been mis-sold:

  • Advised you to transfer to a SIPP because it was better than other pension options
  • Advised you to transfer to a SIPP but didn’t provide advice on the investments inside it
  • Reviewed your existing pensions and only discussed moving them to a SIPP
  • Did not adequately explain the risks of the pension move and/or investments
  • Broke any other FCA rules or gave unclear advice

Not sure if any of these apply to you?

Have a free, no-obligation chat with the team at Get Claims Advice.

 

Final Salary Transfer claims

Final Salary Pensions, or defined pensions, are considered to be some of the most secure around. This is because they give you a guaranteed income for life and can protect your family with valuable long-term benefits.

So, if you’ve been told to transfer your pension, you may have been given negligent pension advice. And ff you’ve knowingly lost money through transferring due to your new pension investments, it may be an even bigger cause for concern.

If you:

  • Were advised to transfer your pension
  • Were told you’d be better off transferring

… then take a free initial assessment with one of our experienced case handlers to see if you can make a claim, just like Alan did to win back his retirement.

 

Annuities claims

With 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 instalments.

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.

For some people, these types of pensions are perfectly fine – so long as the financial adviser has done their due diligence, and matched them with the best plan to suit their individual needs. Sadly, this is not always the case.

With that in mind, you may have been mis-sold annuity if:

  • You weren’t given all the annuity options
  • You wrongly received a standard annuity rate
  • Hidden charges
  • Annuity stops paying when you die

 

 

Types of mis-sold pension claim

When should I get in touch?

If you bought or transferred one of the following types of pensions schemes, and feel you weren’t given all the information you needed to make an informed decision, we’d like to hear from you:

  • You transferred a Final Salary pension
    Considered some of the most valuable pensions around, final salary pension – also known as defined pensions – offer a guaranteed income once you have retired. And if you’ve been advised to transfer, without being told the risks involved, you may be entitled to compensation.
  • You transferred to a SIPP, SSAS or QROP pension
    Although SIPPs and SSAS can work for some people, they can also be used to invest in high-risk investments, often based abroad and not regulated by the FCA. Transfers like this started with a cold-call from a pension introducer. This can lead to huge losses without the pension holder ever realising they were at risk.
  • You bought a standard annuity
    As you might already know, standard annuity provides a guaranteed level of income, for a lump sum. Problem is, if you’ve had health problems in your life, smoked, worked in a hazardous environment, or was not shown other options when you agreed to take out a scheme, your plan might not be right for you. And could even leave you out of pocket.

Mis-sold Pension FAQs

Is pension mis-selling the same as PPI?

You could say there are similarities because of the huge number of professional companies that gave the wrong advice and mis-sold financial products.

But there are differences too – pension mis-selling can leave people with no-money to retire on. It can be wrapped up with scams, and both losses and compensation offers often stretch into the tens, if not hundreds of thousands!

Can I claim for a mis-sold SIPP pension?

If you were told by a regulated financial adviser to transfer to a SIPP pension provider and make investments that may have been unsuitable for you, then you may be able to make a claim. Take a free initial assessment to see if this applies to you.

Can I still claim for a pension transfer from years ago?

We believe every potential claim is worth looking into – it could change somebody’s life!
That being said, the team at Get Claims Advice are unable to look into pension transfers that happened before 1994.

If the transfer happened after that, get in touch for a free initial assessment – it could be something our experienced team are able to help you with!

How can I make a mis-sold pension claim?

Every case is different, but often you will be able to make a complaint to your financial adviser or pension company. Failing that, the Financial Ombudsman Service or the FSCS should be able to help.
If you would like Get Claims Advice to represent you, just get in touch for a free, no-obligation chat!

Is pension mis-selling illegal?

Technically pension mis-selling is not usually a criminal act, but it may be if it extends to fraud. Regulated parties can be fined for negligence and forced to pay compensation, but rarely face criminal charges.

That doesn’t mean you may not be able to get money back if you’ve been mis-sold. Take a free initial assessment with Get Claims Advice to see if you can make a mis-sold pension claim.

Can I sue my financial adviser?

You may not need to. Because all financial advisers giving pension advice need to be regulated by the FCA, they have strict rules to follow, and a claim can be made if they fail in their duties.

You can take a free consultation with Get Claims Advice to see if you can make a claim on a No Win – No Fee* basis.

Is there a mis-sold pension complaint letter template?

While every claim is a little different (sometimes a LOT different), there are some things that end up in pretty much every claim.

You can read about mis-sold pension complaint letter templates here

How long does a mis-sold pension claim take?

In our experience, we look at each case on its own merit as all claims have their idiosyncrasies, so it is difficult to give a definitive answer on this.

For more information, get in touch for a free, no-obligation assessment today.

How far back can you look into pension transfers?

At Get Claims advice, we’ve looking into pension claims as far back as 1988.

So, if the transfer happened after that date, please do not hesitate to get in touch. One of our experts could be able to help you make a claim.

Get Started Now