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Can you get compensation for bad pension advice?

If you have received negligible or mis-leading pension advice, you may be able to make a claim for compensation.

For example, if you have transferred your pension into a scheme or investment on the guarantee you’d see a positive return on investment, you may have been mis-sold.

We at Get Claims Advice can’t give clients financial advice and always recommend using a regulated independent financial adviser for such advice. However, we are mis-sold pension experts and have helped our clients claim over £70m in compensation.

We can review your case and see if you have an eligible claim to make. You can contact us here for a free initial assessment or read on to find out more about claiming compensation for bad pension advice.

What is pension mis-selling?

Pension mis-selling occurs when a financial adviser or representative has persuaded you to invest in a pension scheme through giving mis-leading, inaccurate or negligent advice.

You may have also received unfounded promises that your investment will reap financial rewards or you were pressured into transferring your pension by the financial adviser.

The Financial Conduct Authority (FCA) estimate a huge 68% of clients have been advised to transfer their pensions into schemes despite it not being in their best interests.

Unfortunately, many people have lost large amounts of their pension pot as a result, costing sometimes hundreds of thousands of pounds.

Find out now if you have a claim

Get Claims Advice are a claims management company. 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.

Have you been given bad pension advice?

There are a number of signs you may have been mis-sold. Here are some examples:

You were pressured into selling your pensions

A financial adviser should take into account your financial situation and your experience and understanding of investments. If they push you into transferring your pension without it being in your best interests, you may have been mis-sold to.

You were promised a guaranteed return

Some financial advisers may have promised a guaranteed return on your investment, which can also be considered to be pension mis-selling.

You were not given the full information about your pension transfer

It’s the responsibility of the financial adviser to give you a clear picture of how the scheme you’re investing your pension in operates, which includes any risks involved and hidden charges.

You were told to switch to a private pension scheme and lost money

If you were encouraged or advised to switch to a private pension scheme and as a result lost money, you may be able to claim compensation for negligible advice.

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What are the common types of mis-sold pension claims?

There are a number of common types of pension transfers that our case handlers have experienced when helping clients make claims.

Mis-sold SIPPs

Self invested personal pensions (SIPPs) allows you to invest your pension into a scheme, but they’re not always in the best interest of the client and can lead to people losing money.

Mis-sold final salary pensions

Final salary pensions, also known as defined benefit pensions, are secure because they guarantee an income for life. Transferring away from a final salary pension can be considered high-risk and not in your interest to do so.

Mis-sold annuities

An annuity policy allows you to essentially buy an income for your retirement and is delivered through monthly or yearly instalments.

You may have been mis-sold an annuity if you weren’t presented with all the options, faced hidden charges you received a standard annuity rate.

Mis-sold SERPS

A mis-sold State Earned Related Pension Scheme (SERPs) may have occurred if you were advised to ‘contract out’ of a SERP pension by financial advisers and lost money as a result.

Mis-sold SSAS pensions

Mis-sold Small Self Administered Schemes (SSAS) involve you transferring to a SSAS by a financial adviser without having the full risks involved detailed, such as investing in a venture that’s high risk and inappropriate for non-savvy investors.

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Examples of people who have won compensation for bad pension advice

At Get Claims Advice, we have helped thousands of clients win compensation for bad pension advice. Here are some examples of clients who we’ve helped win mis-sold pension compensation.

Mr A and Henderson Carter Associates Limited

Mr A, who had to retire due to ill health, received negligent pension advice from Henderson and Carter Associates Limited, which led to him being in a financially unstable position for his retirement.

Mr A was encouraged to invest his pensions in to the AIGO Residential Property and Equity Fund: a high-risk investment that wasn’t regulated by the FCA (Financial Conduct Authority).

Mr A’s son directed his father to Get Claims Advice and we were able to win back £33,000 in compensation, which allowed Mr A to take care of his family and enjoy more financial security in his retirement.

Mrs C and The Financial Ltd Group

Mrs C had a defined benefit pension scheme, which provides a stable and secure source of income to retirees, and was encouraged to transfer her pension into a SIPP by financial advisers, Financial Ltd Group.

Despite Mrs C making a formal complaint via the FSCS (Financial Services Compensation Scheme) she was unable to reclaim the £50,000 she had already lost through the transfer.

Our experienced claims handler, Ryan, was able to successfully contest the FSCS decision by finding new supporting evidence to bolster Mrs C’s claim and win £50,000 in compensation for Mrs C

You can read more success stories here and find out how we won compensation for our clients

Advisors who have been found to give bad pension advice

Here are some of the financial advisors who have been found to give bad pension advice to clients:

How to claim compensation for bad pension advice

There are a number of ways you can make a claim for mis-sold pension advice.

You can make a claim directly to the financial adviser that gave you the advice in the first place. This can be difficult if the financial adviser isn’t forthcoming or they’ve since gone insolvent, making it difficult to claim compensation.

At this point you can make a claim via the FOS (Financial Ombudsman Service) or FSCS (Financial Services Compensation Scheme) if you fail to get a satisfactory response from the financial adviser.

Or you can contact us for a free initial consultation to discuss your claim and one of our experienced case handlers will be able to guide you every step of the way.

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