Mis-sold pension claims solicitors
It’s thought that about one-third of UK pensions might have been wrongly sold. See if you qualify, and our Pension Experts team could help you get back as much as £350,000.
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Mis-sold pension claims
A major issue with pension transfer mis-selling is that numerous individuals affected may not be aware of it.
Reach out to our helpful team for a free, no-pressure review of your pension. Simply fill in our claim form and we’ll take care of everything from there. We’ll also keep you informed throughout the process as we handle your secure, hassle-free claim.
If you find yourself agreeing with any of the following statements, it’s possible that you’ve been given inadequate advice, potentially giving you grounds for a claim.
Your financial adviser did not ask for the below:
✔ Data regarding your income, employment status, overall incoming and outgoing finances, tax situation, state pension eligibility, and other benefits.
✔ Health-related information.
✔ Details about you, your family, and the income required to support your family after retirement.
✔ Information about any debts, investments, and other pension schemes you have.
✔ Your plans for retirement, especially regarding the timing of your retirement.
✔ Additionally, if applicable, your adviser should have also requested this information about your partner or spouse.
Final Salary Pension and the Self-Invested Personal Pension (SIPP)
When considering pension options in the UK, two notable choices are the Final Salary Pension and the Self-Invested Personal Pension (SIPP). Each has distinct features and implications for retirement planning.
Final Salary Pensions, often acclaimed as ‘gold-plated pensions’, are typically seen as a secure choice. One of the main advantages of a Final Salary Pension is that it provides a practically guaranteed income during retirement.
This income is usually index-linked, meaning it tends to keep pace with inflation, thereby offering a degree of financial security against the rising cost of living. Another significant benefit is the provision of death benefits, where a substantial portion of the pension can be transferred to a spouse upon the pension holder’s death.
Additionally, Final Salary Pensions operate without the need for the pension holder to incur any fees or charges. Given these benefits, it is generally considered rare and often not advisable to transfer out of a Final Salary Pension.
If a regulated financial adviser has advised such a transfer, it’s possible that the pension holder may have forfeited these substantial benefits.
On the other hand, SIPPs offer a different approach to pension planning. A Self-Invested Personal Pension provides more control and flexibility in terms of investment choices, allowing individuals to manage their own retirement funds.
This option can be particularly appealing to those who are experienced in investing and wish to have a greater say in how their pension funds are allocated. However, it’s important to acknowledge the risks associated with SIPPs.
They are not always made clear, and there can be significant dangers, especially if an individual is not well-versed in investment strategies. In some cases, financial advisers may have recommended unsuitable funds, exposed clients to undue risks, or benefited from undue commissions. For those who have fallen victim to SIPP scams, there is a possibility of claiming compensation, with the current maximum being £350,000 from The Financial Services Compensation Scheme.
In summary, while Final Salary Pensions offer security and guaranteed benefits, SIPPs provide flexibility and control at the cost of higher risk.
The decision between the two should be made after careful consideration of one’s financial situation, investment knowledge, and the specific advice of a qualified financial adviser.