Mis-sold Pension

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Mis-sld Pension

Mis-sold Pension

Have you got a Personal Pension Plan?

Did you take your pension before June 1994?

Where you ever advised to move your pension?

If YES then you may have a claim

Mis-sold Pension will handle your Mis-sold pension and you can be sure with the level of expertise we have in the financial services market we will leave no stone unturned when auditing your case for being Mis sold. We will also ensure that we will get the maximum compensation possible if you have been Mis-sold your pension in any way.

We will now look in more detail at some types of Mis selling that may have applied to you when setting up or reviewing your current pension arrangements.

Or call 0845 519 6093 and speak to one of our Mis-sold Pension Experts

Have you ever switched your pension to another provider?

Many people have switched their pension in the past on the advice of their financial advisor either because they may have advised you that better funds were available or you should consolidate all your pensions together for easier administration purposes.

But has this been to your detriment and were you aware of the charges being applied to the pension fund on transfer. Many other people were advised to move out of With Profit funds without being advised. What if any guarantees were applied to this type of fund.

Other points we will consider is where did your pension fund come from. Was it in a Stakeholder pension plan, Personal Pension plan or previous occupational pension plan with deferred benefits.

We will also look where your transfer has been moved to and ensure it meets with your requirements and what alternatives were available to you prior to the pension transfer taking place.

Pension transfers or switches as they are sometimes called are not always Mis sold but the last FSA review that was published in December 2008 stated that 16% of the 500 files they had examined had been Mis-sold pension. It is our belief that this number will substantially increase due to advisors revisiting clients with the intention to switch their pension to gain more commission as the credit crunch had a huge impact on the financial services market.

The pension rules were relaxed in April 2006 and was called A day in the industry and many financial advisors have taken advantage of these rule changes to switch their clients pensions which was not always best advice. We will review every aspect of your pension transfer including your personal circumstances at the time along other information to determine whether we feel you have been Mis sold your pension.

Also see: Mis-sold Pension Plans and What is a mis-sold SERP?.

Mis-sold Pension – Frequently Asked Questions

Can I clam myself for a Mis-sold Pension?

Yes you can handle your own mis-sold pension claim - but you must be confident of what your complaint is about and what information you are going to review in your file to lodge your mis-sold pension claim as you will only get one opportunity to make your complaint.

Will I have additional costs to pay for my mis-sold pension claim?

No once you pay the initial non refundable audit fee of £60 the remainder of the process is based on a "No Win, No Fee" basis. If we are successful with your claim you will be invoiced for 15% of the total compensation we win on your behalf as soon as the compensation has been paid either to you or into your pension fund.

How does the process work?

We will send you a data access subject request letter including a form of authority to send to the person in question, this allows us to deal with your claim on your behalf and the person in question must provide your records to us to start the review process. When you send this letter which we will prepare on an individual basis you must include a cheque or postal order for the sum of £10 made payable to the person in question to allow them to supply this information.

We then have to wait for the file to arrive although there are guidelines as to the time the person in question is allowed to take to supply this information. We will then start the process of auditing your case which will include us asking you to verify certain points within your file. This could take up to 1 month to complete as there is many areas we will review and discuss with you.

We will then advise you if you have a mis sold pension complaint based on the information we have received and then prepare our report to the person in question outlining our complaint. The next step is to allow them the opportunity to respond to the complaint and offer redress if they feel this is appropriate, if they decline the complaint then the next step is to apply to the Financial Ombudsman to have the case reviewed. Once they make their decision this becomes final and we will notify you of the outcome. During the whole process we will keep you informed on a monthly basis via email as to the progress of your complaint.

How long will my claim take?

We can assure you that we will endeavour to complete the process as quickly as possible but every case is individual so we cannot put a specific time frame on your case.

Mis sold Pension Scandal

The most significant scandal was caused by people being persuaded, wrongly, to move away from their occupational pensions into personal pensions during the late 80's and early 90's.

This is been blamed on a change in the law by the Conservative government in the 80's who stopped employers making their Occupational Pension plans compulsory for all employees, thereby opening the way for the newly introduced personal pensions.

Helped by carefully orchestrated sale drives personal pensions sold well and the financial services industry enjoyed a huge boom - some would say a feeding frenzy.

But it gradually became clear that people who had changed from their occupational pensions into personal pensions were much worse off as a result - e.g. due to the loss of the employers' contributions as well as some of the personal pensions being bad buys thanks to their charges and lack of flexibility.

If you feel you may have been mis sold your pension, the company which sold it to you must give you an information pack on the scandal. If you feel you may have been a victim of mis-selling contact the Financial Services Authority (FSA). Note: This was supposed to have been before the deadline of 31st March 2000 but try them anyway.

The FSA was dealing first with most of the priority cases i.e. people closest to retirement or already on a pension.

The next phase involved the estimated 2 million plus who have also been mis sold pensions. This is due to be completed by June 2002. However so far only about half the estimated victims have contacted their pension provider to ask for a review.

For further reading on this check the article Broken English

by a US research group which gives an interesting outside perspective into the scandal and UK personal pensions in general.

How can I start a Mis-sold Pension Claim?

You can start your mis-sold pension claim in 2 ways. You can call our Mis-sold pension helpline on 0845 519 6093 and speak to one of our pension advisors. You can alternatively complete our online enquiry form and one of our advisors will call you back.

Mis-sold Pension - The assessment of your specific case will take a considerable amount of time (Hence our £60 fee). Our Mis-sold pension experts will complete a full fact find with you to establish exactly what the claim is. Once we have completed the Mis-sold Pension fact find your details will then be passed over to one of our claims handlers to start your mis-sold Pension Claim

If we are successful with your case then we will charge you 15% of the total compensation you receive for being Mis sold your pension.

START YOUR MIS-SOLD PENSION CLAIM TODAY