Background To Mis-sold Pension Claims
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. They also found 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.
You need to act quickly as there are statutory deadlines, known as limitation periods, that apply to mis-selling claims. Start your claim today for professionals to guide you through the process.
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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.
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We will start acting on your behalf and send a letter of claim to the defendant to start the legal process.
Recover Lost Money
We can help you recover the money lost due to bad advice
FAQs
Is there a time limit on a mis-selling claim?
If you want to complain then there are time limits known as statute of limitations. This sets a time limit for when you are able to start a claim. For this reason you should not wait longer than you have to before starting the process.
The Advisor Has gone Into Liquidation. Can I Still Claim
If the adviser you bought the pension from has gone bankrupt, It is still possible to make claim through the Financial Service Compensation Scheme (FSCS). They pay compensation up to £85,000 if you have been given bad advice on a pension.
Will I be charged?
You will not be charged for assessing your case. We operate on a No Win No fee basis. If your case loses, it won’t cost you anything. You only pay when your case is successful and the cost will be deducted from any compensation you receive.
How do I start a mis-sold pension claim?
Simply complete our online application form by clicking on the "Get Started" button. This is the first stage of your claim where you could receive compensation. You will then be contacted by legal professionals.