Pension Advice Possible Compensation Claim

Could You Be Entitled To Compensation?

Have you received pension advice over the past 15 years that has resulted in you loosing money or pension benefits, or have you been advised to transfer your pension?

IN 2015 the new pension freedoms act gave consumers more flexibility in how and when they could access their pension savings. However, Since then a large number of people with a Defined Benefit (DB) pension have transferred their money to Defined Contribution (DC) scheme so they can access their money more easily. According to the FCA* 72% of people who received advice, transferred their pension funds and according to the FCA this number appears too high. We have also recently learnt that some advisers and firms in the UK (not ones that WAUK are associated with) have been providing advice that has not been in the best interest of the client and has resulted, or may result, in the client loosing out or having lost significant amounts of money because of poor investment advice and financial advice.

* FCA Publication PS20/6 Pension Transfer Advice

Some companies received considerable amounts of commission payments by getting people to transfer their pension funds out of high quality schemes. The money was then transferred to schemes which on the face of it appeared to have the same benefits – but on closer inspection it was found that they did not provide adequate checks on investments and did not carry the same benefits.
It is therefore, very important to get professional, independent advice and help as soon as possible.

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What Type Of Pension Advice Could Be Classed As Mis-Selling?

If you have transferred a pension, a SIPP, or an investment that has resulted in loss, or you are not receiving the returns you expected, or you have had advice you don’t understand, or your money was used to invest in things like overseas property, car park spaces, green energy, farmland or any other non-standard products.

What Benefits Could Change?

For example, some defined benefit schemes were offered to clients to move at an inflated figure – but the benefits provided when the pension was moved were lost, this included lifetime payments, lesser payments in retirement, loss of retirement income, loss of inheritance protection and alike.

How Do I Know If I Have A Claim?

In most cases, people are unsure or wary, or completely trusted the advice they received. But in reality, many people have lost out. Therefore, it is really worth checking with a legal pension compensation advice company who can provide you with independent advice. This can affirm if the advice you received was good OR if it wasn’t, they can get you significant compensation for any losses you may have incurred.

How Much Could I Receive?

Where there are grounds for a claim we have seen people receive their funds returned, plus interest lost, plus compensation. This in some cases can be hundreds of thousands of pounds.

But I Signed For The Advice?

Even if you approved the “funds may go up or down” disclaimer, this doesn’t matter. You may have lost out by your money not being invested how you wanted and in a lot of cases where some benefits were lost that you were not aware of when you transferred your pension.

What Does Mis-Selling Mean?

To sell a financial product that is inappropriate for the needs of the customer. The FCA define the mis-selling of financial products as a “failure to deliver fair outcomes for the client” and there are two types of mis-selling – providing misleading information about a product, and recommending a product that is unsuitable.