The Personal 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.

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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 a personal pension. 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 pension review.

Also see: Mis-sold Pension Claims and Mis-sold SERPS

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.

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