Earlier this year, 48-year-old James Hawken expressed his anger after realising his £15,333 pension pot hadn’t grown at all in 11 years. Not only has this lack of growth caused the value of his savings to depreciate, he also claims that he’d been forced to pay a 2% fee each year.
In addition, if he chooses to move his retirement savings before he turns 55, he faces losing a quarter of his pension pot to his provider.
Mr Hawken is one of thousands of savers left out of pocket thanks to pension funds that have failed to deliver despite originally promising reliable returns and protection from the turbulence of financial markets.
Read on to find out what you can do if your pension pot hasn’t grown as originally promised.
You may have been mis-sold your pension if one or more of the following applies:
If you’re the victim of pension mis-selling, you may be entitled to compensation to cover financial losses you’ve experienced.
Poor pension growth doesn’t necessarily mean that you were mis-sold a pension. If your pension advisor had a thorough understanding of your financial situation, gave you plenty of information outlining the estimated growth of your pension, and warned you of any risks involved, you might not be entitled to any compensation.
Complain to your provider or advisor
First thing’s first, complain to the company or individual who you believe is responsible, whether this is your provider or advisor.
Ask for a copy of the firm’s internal complaints process. This will tell you who you need to contact and what information you need to provide. The firm must respond within eight weeks of receiving your complaint. If you don’t receive a response within this time – or you get a reply and you’re unhappy with the outcome – you have the right to contact the Pensions Ombudsman.
Contact the Pensions Ombudsman
In some circumstances, the Pensions Ombudsman can investigate your complaint. You will need to file your complaint to the Ombudsman within three years from when you became aware of the issue.
Contact Pension Justice for legal support
Here at Pension Justice we have extensive experience fighting for compensation for those affected by mis-sold pensions and investments. If you feel that you were mis-sold an underperforming pension or you’re paying high exit fees or annual costs that you weren’t prepared for, we can help.
Please get in touch with our team of solicitors to learn more.