Was Your Pension Transfer Mis-Sold?
Several people were encouraged to transfer into Self Invested Personal Pensions from Defined Benefit Schemes. Often this was advised on the basis that the person’s pension was ‘frozen’ and therefore not making them money. A defined benefit scheme is often known as a final salary scheme, superannuation or similar. Following ‘A Day’ people had the ability to transfer into pensions of their choosing with control over the investments that existed within the portfolio. Unfortunately many transfers out of defined benefit schemes into SIPPs led to substantial losses for the pension holder. This is on the basis that the value of a pension pot that pays a fixed amount at a specific time in life has a high ‘actuarial value’ (ie is worth a lot of money to the individual at a set time, usually 60 or 65 years of age).
How Does That Affect Me?
Unfortunately many unregulated financial advisors, sales persons and seemingly legitimate investment companies convinced people to transfer existing pension pots into a SIPP. The cashout value of the existing defined benefit pension was often substantially lower than the pension would have paid upon the individual attaining the qualifying criteria. This was often a loss of hundreds of thousands of pounds.
Many SIPPs that people were encouraged to transfer into contained unusual investments such as foreign property, non-standard metal funds, storage pods, car parking spaces, forestry and recycling products, wineries and farm land. In several unfortunate cases, the investments were entirely worthless and the investor lost all or almost all of their pension.
If you were advised to transfer from a defined benefit scheme into a SIPP, we can help. Contact our advisors today to start your no win, no fee claim.
How Does It Work?
We instruct solicitors on your behalf and are responsible for their fees. If your claim is unsuccessful, then you will have nothing at all to pay to us.
If your claim is successful, then our fee is 20% plus vat of any sum recovered in respect of your claim.
Why Choose Us?
- Extensive experience in all forms of financial mis-selling
- Proven track record
- Over £6m recovered for clients
- No win, no fee claims
- Fast, efficient service