Is your pension safe?

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.

Cold calling sharks

The collapse of big companies with huge pension schemes has become a magnet for opportunistic cold callers. 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!

So what are the risks of moving your pension?

It’s down to your experience as an investor to ensure the important financial decisions you make are the right ones, and this can only be achieved by dedicating time and effort to regularly monitoring your investments.

Pensions to avoid

Self-invested personal pensions, or SIPPs are a higher-risk investment option when it comes to saving for retirement. As such, the main protection when investing in a SIPP is you.

Ensure any company or individual you speak to regarding your pension and investments is a certified professional able to provide sound financial advice based on their experience and knowledge of the market.

There have been notable, high profile cases involving SIPPs. Over 3,000 people invested in Ethical Forestry Ltd, much of that coming from self-invested personal pensions. However, in 2015, the business – which invested in Costa Rican plantations – went into liquidation, with people facing the prospect that they may never see their money, or pension pot again.

Case Study, Mr L

Successfully claimed £50,000

Mr L received a cold call from an independent financial adviser called Shah Wealth Management offering him a free pension review.

Read more

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Examples of common SIPP investments include:

Forestry Schemes such as Ethical Forestry Ltd

Forestry Schemes such
as Ethical Forestry Ltd

Self-storage Pods

Self-storage Pods

Overseas Real Estate

Overseas Real Estate

Green Energy Projects

Green Energy Projects

pelvin claim

Do you think you’ve been mis-sold?

If you have invested your pension pot in a SIPP scheme and you’re now suffering as a result, or even if you haven’t yet lost money but suspect something isn’t quite right, check your situation against the following criteria to see if you’ve been mis-sold:

  • Pressure Selling
    Were you pressured into investing your pension into something you didn’t want or need?
  • Unsuitable Scheme
    Were you advised to transfer your existing private pension fund to a new, higher return scheme even though it wasn’t suitable for your needs?
  • Unexplained Fees
    Were there any surprise fees or additional costs attached to the investment that you weren’t made aware of from the start?
  • Unexplained Risks
    Were there certain risks attached to your SIPP that you were not informed of when you agreed to invest?
  • Lost Investment
    Have you made significant losses as a result of any of the above issues?

If any of this sounds familiar contact our legal experts for a free initial assessment to see if you’re eligible for cash compensation.

client journey

Client Journey

  • Call us or make an enqury via our contact form
  • Have a friendly conversation with one of our legal representatives
  • Review, sign and send your paperwork back at your leisure. We'll take care of the rest
  • You'll recieve compensation, if your case is successful