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Mis-Sold Pension Claims

You may have been mis-sold a pension if you were provided with incorrect, unsuitable or misleading information regarding your pension. Have a team of experts help with your claim.

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Background To Mis-sold Pension Claims

Mis-selling has been a problem in the pensions industry sine the 1980s. Back then millions were encouraged to ditch from occupational pensions to new personal schemes. Although the industry did improve, some experts say pensions mis-selling is once again an issue.

A financial product is considered to be mis-sold if a regulated adviser recommended a product that isn’t suitable for you and your circumstances, or sold it without properly explaining how it works and the risks involved.

In the case of pensions, this could include recommending you transfer out of a defined benefit pension, which pays a guaranteed income for life, into a higher-risk personal pension such as a SIPP that does not provide any guarantees. Individuals may need to manage that pot themselves or pay an adviser a costly fee to do so. If the risks or costs have not been explained, you may have been mis-sold a pension.

Mis-selling also includes retirement savers who were wrongly encouraged to move their money into investments that were higher risk. Defined benefit pensions are generally safe (because they pay a guaranteed income for life) but they are not very flexible. Transfers out of these schemes have soared since the introduction of pension freedoms in 2015. This gave savers aged 55 and over unrestricted access to their retirement savings. Members have been tempted by a cash lump sum for leaving the scheme, meaning they can spend or manage their retirement savings as they wish.

The Financial Conduct Authority (FCA) has expressed concern about the number of savers who have been encouraged to transfer out of these schemes since 2015. In 2018, a market review found that savers were recommended to transfer in 69% of cases and that less than half of those recommendations to transfer (48%) were appropriate. Since then they have released further plans on how to improve the market.

 

As an example of widespread mis-selling, the FCA has set out plans to give redress to members of the British Steel Pension Scheme. Many of them were given unsuitable advice and have suffered financial loss as a result.

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Was My Pension Mis-sold?

A mis-sold pension means that you were given advice that was not suitable, the risks weren’t explained to you clearly, or you were not given all the information you needed to make the right decision and you thus ended up taking a product that was not right for you.

 

There’s a lot of evidence showing that many people have not received the most suitable advice regarding their pension. Signs that your pension was mis-sold includes:

Your Financial Adviser Pressured You into Accepting the Pension Plan

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Your Pension Pack Contained Misleading Information 

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

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You Weren’t Offered all the Available Options

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Your Adviser Didn’t Ask About Your Personal Circumstances

If any of the above statements describe your Pension experience, you could be eligible to claim compensation. Start your claim below for professionals to guide you through the process.