Pension mis-selling might sound like something that would never happen to you, but thousands of people across the country have gotten close to retirement only to discover they’ve fallen victim to a mis-sold pension.
In short, if you’ve been mis-sold a pension this means that you were advised to purchase a pension product that was unsuitable for your circumstances, described incorrectly or the risks were not properly explained.
When you’ve spent years saving for retirement, finding out that the money you put away isn’t worth as much as you expected can be devastating, particularly if you discover it’s worth even less than you saved. Reassuringly, in some cases it’s possible to receive compensation as a result of being mis-sold your pension.
In order to work out if you’ve been affected, look out for one of these signs:
● Your financial advisor failed to notify you of any risks associated with the pension in question
● Your financial advisor failed to take your personal circumstances into account before pointing you in the direction of a certain pension or investment
● You weren’t informed how your money would be invested
● You were encouraged to purchase a pension or investment that was more risky than you were prepared for
If your pension or investment performed badly, this alone doesn’t necessarily count as mis-selling. Some investments are risky by nature and as long as you were fully informed of the risks and your advisor had a strong understanding of your circumstances, it’s not considered mis-selling.
If you suspect that you have fallen victim to a mis-sold pension, please get in touch with the team at Pension Justice. We help clients identify if they’ve been mis-sold a pension and if they have, we fight on their behalf to obtain compensation.