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Home / Mis-Sold Pensions / SIPP Claims

Can you make a compensation claim for a mis-sold SIPP pension?

Self-Invested Personal Pensions can be a great way to save for retirement.

But sometimes, a mis-sold SIPP can cause huge losses, usually down to high-risk investments that end up trapping the money in a boom or bust situation.

If you were advised to transfer your pension into a SIPP, then you may have been mis-sold, and may be able make a mis-sold pension claim with the specialists at Get Claims Advice on a No Win – No Fee* basis.

Find out with a FREE initial assessment.

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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.


Find out if you may have a claim

Was my SIPP pension mis-sold?

While a SIPP itself is often considered to be a suitable pension for many people, the investments inside it make a huge difference, and could be an indication that you’ve been mis-sold.

It doesn’t matter whether you transferred a personal pension or from a final salary pension, there are many signs that you may have been mis-sold a SIPP, including if your financial adviser:

  • 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
  • Sold the potential tax benefits of a SIPP rather than the pension benefits
  • Did not advise explain to you that HMRC could change the tax rules at any time
  • 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 –  we’ll investigate your SIPP pension story for signs of mis-selling and let you know if we think you can make a claim!

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What is a SIPP pension?

A Self-Invested Personal Pension, or SIPP, is an often tax efficient vehicle for retirement savings – in many ways they are much like any other personal pension!

SIPPs are a type of Defined Contribution pension (different from a Defined Benefit pension) which means how much money is paid on retirement depends on how well the investments inside them perform.

Introduced in the late 1980’s, SIPPs are still offered today by a wide variety of SIPP providers.

Much like any other DC pension, the money cannot be drawn from it until you reach at least 55.

One of the big differences with SIPPs is that the owner has greater choice about what their pension fund is invested in – the owner can often choose their own from a much wider selection of investments!

This can be a great thing for somebody who understands investments, or somebody who is taking good advice from a financial adviser.

But if the investment advice is bad or the person doesn’t know much about investments, it can cause the pension to lose money, sometimes reducing the value of the pension zero.

It many cases, the advice may be demonstrably negligent – a mis-sold SIPP.

Find out if you can make a claim

The Pension Claims Process

1. Free Initial Assessment

The mis-sold pension claims process always starts with a free initial assessment – a no-obligation chat with one of our case assessors to see if you are eligible to claim.

2. Getting The Paperwork

Next, we gather and investigate the paperwork on your behalf, going through each part with an eye for detail to build your claim.

3. Making The Claim

Once we’ve got the paperwork we can analyse the situation, build the claim and get it sent to the necessary parties, whether that’s the FOS, FSCS or the negligent party directly.

4. Getting a Result

Once your claim has been submitted we’ll fight it through if needs be, and we’ll review any offers of compensation your case is awarded to make sure you’re getting the maximum of what you deserve.

What is SIPP is-selling?

A mis-sold SIPP can happen when a financial adviser or pension provider either advises or acts in a way that is negligent by the standards set by the UK regulator – the Financial Conduct Authority.

This could be because the money would have been better inside a Defined Benefit pension (See mis-sold Final Salary pension transfers), or because the investments inside were unsuitable for the pension saver.

Often, this is because the investments are high-risk, not being regulated by the Financial Conduct Authority, and often based abroad.

In many cases, the pension move started with a cold-call from a pension introducer, before a financial adviser got involved and made the move to a new provider.

You can find a list of commonly mis-sold high-risk investments here.

Think you might have been mis-sold?

Fill in the form for a free chat to find out if we can help

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.

Mis-sold SIPP Claims FAQs

How can I make a mis-sold SIPP claim?

Finding out if you can make a mis-sold SIPP claim is often the first step. Sadly, not everyone who has lost money through a SIPP pension is able to make a claim – it all depends on the advice that was given and by whom.

While pension complaint letter templates exist, you may benefit from a free chat with a Get Claims Advice claims assessor!

Request a call-back and we’ll listen to your pension story and help you discover if you’ve been mis-sold by your adviser or pension company, while explaining the pension claims process to you in more detail.

Has Get Claims Advice got a good track record for SIPP claims?

We’re proud to say we’ve claimed back over £50m* on behalf of our clients from mis-sold pensions, including SIPPs. We even appeared on ITV Tonight as leading specialists as part of their investigation into SIPP mis-selling.

How much does a SIPP Claim cost?

Get Claims Advice Ltd operates on a No Win – No Fee* basis, and charges a success fee of 24% inclusive of VAT of any compensation awarded to the case.

You can make the claim yourself either directly to the adviser, or the FOS/FSCS where applicable, free of charge.

You can also check out our mis-sold pension complaint framework, too.

Can’t I just withdraw my money from my SIPP?

Withdrawing money from any sort of pension (SIPPs included) before the age of 55 may have large tax implications, and you should seek the independent and regulated advice of an IFA before proceeding down this line.

However, in many cases of SIPP mis-selling, this is not possible anyway.

‘Liquid’ investments are those that can be sold relatively quickly and easily. In the case of many high-risk and unregulated investments, the assets become ‘illiquid’, meaning the money is trapped in the investment in a ‘boom or bust’ situation.

If the assets have become illiquid, it may not be possible to sell the investments to either withdraw the money, leave it in the SIPP in cash, or make alternative investments.

That, and if you were mis-sold, you could be missing out on compensation.

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