Whether you’ve had your mis-sold pension confirmed by a second (or even a third opinion), are making a claim for pension mis-selling, or simply suspect you may have been mis-sold and left out of pocket, knowing more about the pension claim process can be important to your future retirement.
All across the nation, people are waking up to the prospect that they may have received negligent pension advice over transfers of final salary pensions, or SIPP, SSAS and QROPs investments.
In many cases, this mis-selling has led to people being out-of-pocket in retirement because their pension hasn’t grown as it should, or because they have lost money through high-risk investments.
The team at Get Claims Advice have been refining their pension claim process for years, and have used it to recover over £50 MILLION* from mis-sold pensions.
For many people, finding out if they have a claim may be one of the most challenging part of the claims process.
Not only can it be hard to work out if a loss or hypothetical loss has occurred, but often the person responsible for the mis-selling, and what sections of the advice were negligent can be a minefield of jargon, deception and mis-selling paperwork – the good news is, Get Claims Advice may be able to do most of it for you!
Often, people become confused as to how they have been mis-sold the pension, what the effects have been, and who is to blame. After all, not everybody has the knowledge of a financial adviser (especially certain pension introducers).
Hint: In most cases, responsibility rests with the financial adviser, whose job it is to make sure everything is legit, suitable for the client and to provide impartial advice, although the pension provider may have some responsibilities.
Get Claims Advice are specialists at identifying mis-sold pensions, and offer a FREE initial assessment to anybody with concerns about their pension.
Of course, making a mis-sold pension claim involves paperwork.
First, as much information about the pensions (both the original and the new one) needs to be collected as possible, allowing a picture to be built of who did what and when, and what the results were.
From the paperwork, it can be possible to confirm who may be at fault and why.
The team at Get Claims Advice spend a lot of their time targeting the right paperwork from pension providers and financial advisers, using Letters of Authority signed by their clients and sending SARs (Subject Access Requests) to make sure all the paperwork gets sent.
It can be tiring work, but getting the right information to build the claim with is often essential to a positive outcome for the client.
Struggling with your pension claim paperwork? Take a free initial assessment with a case assessor to see if we can help!
Once the basis for a claim has been identified and the relevant paperwork has been collected, it’s time to start building the claim itself.
It can be important to understand who the claim is being made against, and to whom the claim will be addressed.
It could be that the claim will be made against the adviser, and addressed to them in the form of a complaint. Or it could be that the claim will be sent to an independent body such as the Financial Ombudsman Service, or the FSCS.
The team at Get Claims Advice builds each claim with the knowledge and experience that helped them claim back over £60m* on behalf of their clients, always with no upfront costs!
Finally, the claim should receive a decision from whomever it was sent to, and hopefully the claim has been accepted.
If not, it could be that the decision can be appealed, usually either with the FOS or FSCS.
If the claim is accepted, there should be an offer of compensation.
Ultimately, it is up to the claimant to decide if the compensation offer is acceptable, however in cases where people have limited understanding or knowledge of compensation claims, there is a danger that they could receive too little compensation, or demand too much, resulting in nothing.
The team at Get Claims Advice reviews every offer of compensation we receive for our clients with close scrutiny, and will fight for more if we believe the compensation offer is too low.
Every claim is different, and there are a number of factors that can lead to a relatively short or long claim process, including (but not exclusively)…
Assuming your claim is accepted, how long before a compensation claim is settled and paid depends on a number of factors.
Usually, the longest wait is to have the claim accepted, as it may mean collecting information and fighting the case with the negligent party, or making the case to the FOS or FSCS.
If the claim is accepted by the FOS or FSCS, it could be weeks or months depending on who is set to pay the compensation.
In rare cases compensation offers for mis-sold pensions are best counted in weeks, however it may be months or in rare cases years for the claim to be completed from start to finish.
Usually, once the compensation figure has been agreed on, things tend to take less than a month before the compensation is paid.
Pensions are often full of jargon, confusing relationships and regulation, which may cause some people to struggle to identify if they have a mis-sold pension claim.
If you transferred a pension such as a defined benefit pension, or transferred into a SIPP, SSAS or QROPS then you qualify for a FREE initial assessment with Get Claims Advice. We’ll listen to your pension story, make enquiries and let you know if we think you have a claim, just like we did for Alan, whose case study you can read here.
Assuming you have a valid claim, it all depends on a number of factors, including how much you’ve lost, how much you may lose in the future, and any compensation limits that might apply.
The team at Get Claims Advice Ltd have recovered over £50m* from mis-sold pensions, and have completed compensation claims from just a few thousand pounds, to over £150,000 for a single claim.
Everything depends on the details of the exact claim!
Anybody who wants to complete their claim themselves is free to do so, either to the responsible firm, or to the Financial Ombudsman and/or the FSCS (whichever is applicable given the circumstances). Doing so is free.
You can find details about pension claim template letters here.
Most of the mis-sold pension claims we deal with a Get Claims Advice involved pension transfers and investments that happened between 1994, right up to last year!
Compensation is usually paid in the majority of our cases as a direct bank transfer or cheque You should be aware that compensation means financial benefit which you receive as a result of the Services, whether this is attributed to any pension fund that you have or otherwise paid to you in cash. If you receive compensation directly back into your policy our fee will still be due.