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Mis-Sold Pension Claims Specialists

Let us help you get your pension back!

What Are Mis Sold Pensions?

Did you know that pension misselling may become the next big financial scandal in the UK?  A research conducted by the Financial Conduct Authority (FCA) showed that one in eight people who received financial advice in the last 12 months had an adviser missell them an investment product or pension product at some point.  The industry estimates that retirement savers could claim compensation of at least £6 billion against insurers and advisers who had given poor advice. Here is a complete missold pension guide. The guide aims to answer all the questions you may have about missold pension.

What Exactly Is a Mis Sold Pension?

A missold pension means that you were given unsuitable advice, the risks were not explained to you or you were not given the all the info needed to help you make a conclusive decision and this ended you up with a pension product that is not right for you. To understand pension misselling better, read this example.

You were looking to buy a desktop computer. You told the shop attendant that you planned to watch DVDs on it and they recommend a model. After taking the computer home, you realize that it does not have a DVD drive.  There is nothing wrong with the computer itself, it is not faulty, but it is not what you wanted.  In such case, the computer was missold to you.

The same applies when you are sold a pension product.  The financial adviser recommends something suitable for your needs and explains clearly what the product can do and cannot do. Your financial adviser should make sure that you know the risk.  If he does not do this, you may be able to claim for compensation. 

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See What Your Eligible To Claim Back

Mis-Sold Pension Claims Specialists

Let us help you get your pension back!

What Are Mis Sold Pensions?

Did you know that pension misselling may become the next big financial scandal in the UK?  A research conducted by the Financial Conduct Authority (FCA) showed that one in eight people who received financial advice in the last 12 months had an adviser missell them an investment product or pension product at some point.  The industry estimates that retirement savers could claim compensation of at least £6 billion against insurers and advisers who had given poor advice. Here is a complete missold pension guide. The guide aims to answer all the questions you may have about missold pensions & SIPPS.

What Exactly Is a Mis Sold Pension?

A missold pension means that you were given unsuitable advice, the risks were not explained to you or you were not given the all the info needed to help you make a conclusive decision and this ended you up with a pension product that is not right for you. To understand pension misselling better, read this example.

You were looking to buy a desktop computer. You told the shop attendant that you planned to watch DVDs on it and they recommend a model. After taking the computer home, you realize that it does not have a DVD drive.  There is nothing wrong with the computer itself, it is not faulty, but it is not what you wanted.  In such case, the computer was missold to you.

The same applies when you are sold a pension product.  The financial adviser recommends something suitable for your needs and explains clearly what the product can do and cannot do. Your financial adviser should make sure that you know the risk.  If he does not do this, you may be able to claim for compensation. 

What Are Some Of The Common Mis-Sold Pensions? 

  • Self-Invested Personal Pension (SIPP)

SIPPs are usually set up to hold under-performing, illiquid, high risk investments with higher charging structures. With a SIPP, you do not have to involve your employer.  All you have to do is enter an agreement with your pension provider and you start making payments for your pension. Some examples are below.

  1. Harlequin Property Investment
  2. The Resort Group
  3. Store Pods
  4. Sustainable Agro Energy
  5. Green oil
  6. Global Forestry
  7. Cape Verde
  8. Parking Investment
  • Small Self-Administered Scheme (SASS)

A SASS is usually set up to avoid strict regulations by unregulated entities, such as sales agents or alternative service providers. Just like a SIPP, a Small Self-Administered Scheme is usually set up to hold under performing, illiquid and high risk investments.

 SIPPS are one of the commonly mis-sold pensions in the UK. In 2013, it was discovered that most financial advisers provided advice that did not comply with the Financial Services Regulator’s requirements. Many of consumers were advised to be set up the scheme without considering the underlying alternative investments held within the SIPP.

 You can successfully claim for compensation if you provide sufficient evidence that your financial adviser provided unsuitable advice to transfer an existing pension into a Small Self-Administered Scheme. Contact us at Mis-Sold today to help you claim your mis-sold SIPP.

  • Free Standing Additional Voluntary Contribution (FSAVC)

Unlike most types of pension, an FSAVC does not hold any limit on the amount of money you can pay into your pension fund every month.  As of April 2006, this figure can be 100% of your income if you prefer to invest it all. 

Having an FSAVC gives you the freedom of choosing how the amount of money you want to save for retirement. It is an ideal option if you looking for a pension plan that gives flexibility with your outgoings.  If you believe that your FSAVC was mis-sold, do not hesitate to contact us to help you claim for compensation.

  • Final Salary Transfers

With a Final Salary Transfer, your employer takes into account your final salary at the time of your retirement and provides a sum that is equivalent your known last pay. Due to its nature, it is not recommendable to transfer this form of pension to any other form pension product or pension provider.

Final Salary Transfers are popular because they provide guaranteed income that increases as your salary increases with the same employer.  The scheme usually has built-in guarantees, such as a final value that is worth 2 to 5 times higher than your initial value. This explains why it is not advisable to transfer this pension scheme at all.

Yet, despite these multiple benefits, many final salary pensions were still transferred, leading to consumers sustaining huge financial losses and consequently being eligible for compensation. If you are looking for a professional pension claims expert, such as Mis-Sold Pension.

  • Occupational Pension Scheme (OPS)

An OPS is usually set up by an unregulated entity to avoid the regulated advice process. An OPS usually reference an account that your employer set up to help you save for your retirement. In most cases, an OPS falls under three categories:

  • Cash balance plans
  • Defined contribution pension schemes
  • Defined benefit pension schemes

Usually, workplace pension schemes require your employer to contribute towards your pension.  The amount the employer contributes matches the sum that is deducted from your monthly/ weekly wage. If you feel that your OPS was missold, then you can contact us to help claim for compensation.

  • Qualifying Recognised Overseas Pension Scheme (QROPS)

QROPS is a type of oversees pension scheme that still abides with certain HMRC requirements. The scheme is specially designed for those who plan to emigrate overseas after their retirement.  However, many consumers have been mis-sold a QROPS, with the promise of a cash advance once a pension transfer was made, but that ultimately results in a 55% income tax charge. Contact US to find out more if you have been mis-sold QROPS.

Was I Mis-Sold My Pension?

  • Health & Medical Issues
  • Not Given Enough Information
  • Given the Wrong Option
  • Didn’t Shop Around for Deals

How Can You Tell if You Have Been Mis-Sold a Pension?

  •  Your Financial Adviser Pressured You into Accepting the Pension Plan

Even though it is hard to prove, if you feel that your financial adviser pushed into selecting a pension plan that you were not 100% happy with, you have grounds to claim for compensation, especially if the adviser did not provide you with any other viable options.

  • Your Pension Pack Contained Misleading

If your pension plan contained detailed info about the new pension plan, but in some instance the information has been found to be misleading.  For example, your financial adviser could have included examples or case studies that made you believe that you would receive a certain level of pay out while this was not the case.

  • Your Adviser Asked You to Transfer Your Pension Without There Being Any Benefit to You

It is the work of your financial adviser to inform you when there are good deals out there  and advise you on which plan is best suited to your specific requirement. If you feel that your financial adviser recommended a pension transfer that did not seem to benefit you in any away, this is could an indication that your advisor was not acting in accordance with regulations.

  • You Weren’t Offered all the Available Options

Your pension provided is required to recommend all the available options depending on your personal circumstances. If your financial adviser did not inform you about other suitable pension products, then you may be able to claim for some compensation.

  • Your Adviser Didn’t Ask About Your Personal Circumstances

A licensed pension provider should always inquire about your personal circumstances before recommending any pension product.  Depending on your circumstances, there are many different pension products that you can qualify. If your financial adviser did not ask you about your current situation, your history and your future plans, then you could have been mis—sold a pension plan and could be eligible for some compensation.

I Have A Mis-Sold Pension How Do I Go About It?

Your financial advisor is obliged to check and counter check if the investment is viable to put your SIPP and pension in it. If you feel that you are a victim of missold pension or missold SIPP due to miss advice you need to act fast because their time limits to claim such claims.

 When you contact us about your missold SIPP or missold pension and you decide to make a complaint or a claim, we will reach out to the relevant parties on your behalf and look into the case with urgency giving details on how you was mis-sold, our team will look into your case to try get back money lost in the bad advice.

If the Advisor / company is no longer active we can take your cases to the FSCS, to discuss your claim.

Please call or complete the short enquiry form on our website and we will communicate as soon as possible, our advisers will be in a position to explain and give you impartial advice on your situation, We have a lot of experience in the Mis-Sold Pension arena.

How Does the Entire Mis-Sold Pension Claim Process Work?

You may be wondering how the entire claims process works and how long it might before you get your potential refund. It is important that each mis-sold pension claim case is different.  However, we will try to outline the entire process as clearly as possible.

Once you have contacted and filled our online contact form, we will send you another claim form to complete and send it back to us. After receiving your documents, you will be allowed to 14 days to cancel your claim if you opt to do so.

We will then contact your pension provider or adviser and ask them to give us your file. They have up to 40 days to do so. Once we have your file, we will review the information and contact if we need any clarification.

Once we have confirmed everything, we will submit your mis-sold pension claim on your behalf. Your pension provider or adviser will have 8 weeks to respond, but may request an extension of 2 to 4 weeks.  After the expiry of this time, your complaint may be accepted, and you will be paid your compensation.  If the complaint is not accepted, we will submit your case to the Financial Ombudsman, but we will require your permission before we proceed to do this.

Why choose Mis-Sold Pension?

Mis Sold Pension is a trading style of Claiming 4U, an experienced Claims Managed Company, specialising in claims for mis-sold pensions. We pride ourselves helping our clients who have been mis-sold their pensions, recover their compensation in an easy way.  We work on a No Win No Fee basis, subject to Terms and Conditions.

Regardless of how long ago you transferred your pension, it is not too late to make a claim. At Mis-Sold Pension we are dedicated to helping you get back your money within the shortest possible time. You can start your claim process now by calling us now. One of our advisers will get in touch with you straight away.

Many financial advisers made a lot of money transferring people’s pensions to dodgy, unregulated investment schemes, often receiving huge commissions for doing so, all while their clients were losing their retirement funds.

The Financial Conduct Authority is taking strong actions against the guilty parties, and the Financial Ombudsman’s Service and Financial Services Compensation Scheme are now paying out hundreds of millions of pounds in compensation and interest to the victims of these scams. These claims can be very complicated to the lay person and it is easy to get it wrong.

We have years of experience in the Claims Management industry and we have had some large wins on recent Mis-sold Pension cases. So, why not let us do the work for you?  We have a wonderful customer care team, who will keep you up to date, along with an experienced team of claims handlers and legal staff who will be responsible for securing the best outcome for you. Contact us now to make your mis-sold pension claim.

What Our Clients Say About Us

Claiming4U helped me to claim back money I lost from my pension which I though had gone forever. The team were really helpful and I had a dedicated claim adviser. It was a huge relief when they called to tell me that they had been successful with my claim.

Mr Bernard Moore
Source (Trust Pilot - 19/12/2017)

I have had a very good experience with claiming 4u. Initially I was not very trusting of the company and was looking for the catch !!. But they did everything they said they would. They succeeded in getting me compensation for miss sold shares, all I did was send them any paperwork I had and they did the rest, even for shares that I no longer had paperwork for. I took about a year but it was worth waiting for. I received a large sum of money back and it was easy.

Mr Richard Smith
Source (Trust Pilot - 01/09/2017)

Claiming4u helped me to reclaim money (almost £600 from mis-sold shares) that I had no idea I was entitled to. They contacted me, explained the situation clearly and why I was entitled to a claim and then helped me every step of the way giving me a named contact I could liaise with at any point. They were great, and without them I would never have seen a penny of this claim.

Mr Paul Galbraith
Source (Trust Pilot - 28/11/2017)

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