You can be forgiven for worrying about the safety of your pension – you’ve spent a lifetime paying into it and want to be reassured it’s going to be there for you when you need it the most. If you believe you have been mis sold a pension through a transfer agreement, then you may be entitled to compensation. APJ Solicitors has specialist experience in handling financial claims in relation to UK pensions. our dedicated team can assess your current investment and determine if there is a case to bring against your provider.
Mis Sold Pension Compensation
UK regulators have seen a significant rise in the number of complaints relating to mis sold pensions, with millions of pounds paid out in compensation. Even some of the larger lenders and banks have had to pay fines as a direct consequence of mis selling pensions.
Pension Mis-Selling – Are You a Victim?
The collapse of big companies with huge pension schemes has become a magnet for opportunistic cold callers seeking to transfer your pension to a new provider. The Pensions and Lifetime Savings Association recently found that one in six pension holders have been contacted by a company other than their own provider to transfer or change their pension. These are often scams!
Circumstances where you can claim compensation for Mis Sold Pensions
AJP Solicitors has a dedicated team of solicitors and legal specialists who are experienced in dealing with complex pension mis selling cases. Following a free consultation, we will determine if there is a compensation claim which could be brought against your provider. If we then submit a mis-sold pension plan claim on your behalf, your adviser or provider has eight weeks to respond to this complaint. In some circumstances the provider can ask for an extension of 2-4 weeks.
After this time, your complaint may be upheld in which case you will be paid compensation. If your complaint is not upheld then our team can present your case to the Financial Ombudsman for independent review.
How to determine if you have been mis sold a pension
Pension advisers are often independent financial advisers (IFAs) or brokers who work on behalf of financial institutions. In every case, pension providers have a strict codes of practice to follow.
However, some pension specialists have misled customers to move their pensions into self-invested personal pension (SIPPs) which carry a greater risk. In some cases investors have lost funds to high risk schemes such as off-shore property, green energy projects or forestry schemes such as Ethical Forestry Ltd. You may have been mis-sold if:
- You were not asked about your personal circumstances.
- The adviser didn’t give you enough information to make an informed decision.
- You were advised to take out a personal pension when a corporate or company pension scheme would have ended up with a better deal.
- You were pressured into signing an agreement without a cooling off period or the opportunity to shop around for the best deal.
How to claim compensation for mis sold pensions in the UK
APJ Solicitors’ dedicated team of pension advisers could help you reclaim thousands of pounds as a result of pension miss-selling. If you have experienced a negligent mis-sold pension transfer, an annuity, or a miss sold pension plan then we can help. Call our team today on 0800 046 7229.