As an expert in the field of financial claims, I have seen countless cases of mis-sold pensions and the devastating impact it can have on individuals' retirement plans. It is a complex issue that requires careful consideration and expert guidance to navigate through the process of seeking compensation. In this article, I will provide you with all the information you need to know about mis-sold pension compensation and how to file a claim.
Filing a Complaint
If you believe that you have been a victim of a poorly sold pension, you have the right to file a complaint for compensation. This can be done through various channels, including the company or person responsible for the sale, the Financial Ombudsman Service, or the Pension Ombudsman Service.In some cases, you may also be able to file a claim through the Financial Services Compensation Plan (FSCS) if the advisor who sold you the pension is bankrupt. At our firm, we specialize in handling poorly sold pension claims and have a team of experts who can assist you in processing your claim. We also operate on a "no win, no fee" basis, so there is no financial risk for you to seek our help. If you suspect that you have been a victim of a fraudulent financial sale, whether it's a pension, loan, or bank card, do not hesitate to contact us today.
What is Considered a Poorly Sold Pension?
A poorly sold pension refers to any pension plan where the advice given was misleading or inappropriate. This can include not being informed of all the risks involved in the plan or not receiving all the necessary information to make an informed decision. One example of this is an undersold pension, where an advisor recommends a pension plan without providing all the necessary information.In such cases, having some evidence and records of the process is sufficient to start the process of filing a claim.
Defined Contribution vs. Defined Benefit Pensions
When it comes to pensions, there are two main types: defined contribution and defined benefit. A defined contribution pension is where you contribute a set amount of money each month, and the final payout is based on the performance of your investments. On the other hand, a defined benefit pension, also known as a final wage, is earned when the pension is transferred in exchange for a cash value. Regardless of the type of pension, an advisor must inform you of all the risks involved in the plan.If you were not made aware of these risks or were misled about them, you may have been improperly sold a pension and can file a complaint for compensation.
The Impact of Improper Pension Sales
Improper pension sales have been making headlines in recent years, with many individuals falling victim to fraudulent schemes. If you have been advised to transfer your pension to a new plan without being informed of all the risks involved, you may have been improperly sold on a Self-Invested Personal Pension (SIPP). This can result in significant financial losses and can have a severe impact on your retirement plans. At our firm, we have a team dedicated to handling claims related to energy, pensions, investments, and timeshare contracts. We understand the complexities of these cases and have helped numerous clients receive compensation for their losses.The Compensation Process
The amount of compensation you may receive for a mis-sold pension can vary depending on various factors.On average, compensation ranges from £25,000 to £50,000, but this can be higher depending on the circumstances of your case. If you believe that you have been a victim of a poorly sold pension, it is essential to act quickly. The longer you wait, the harder it may be to gather evidence and make a successful claim. Contact us today, and our team of experts will guide you through the process and help you receive the compensation you deserve.
