For anyone looking into the possibility of a mis-sold pension claim, it is important to know as much as possible around the details of mis-sold pensions and how they can be identified. With this in mind, our team at Pension Justice has put together a short guide offering you the key information you need to know about mis-sold pensions and how to make a claim.
1. What is a Mis-Sold Pension Claim?
In simple terms, a mis-sold or final salary pension transfer claim can be any scenario where a pension transfer was sold with the details either misrepresented, or the full information not given. This will often relate to unfounded suggestions of the new pension offering better terms than your current workplace pension, as well as promises of large lump sums and early retirement. Any case where we can show that the pension was mis-sold and that you suffered financial loss as a result, we should be able to claim for your mis-sold pension.
2. How do you know if you have a legitimate claim?
In terms of identifying your eligibility to claim, it is useful to speak to a pension compensation expert who can identify whether or not you have a likelihood of successfully claiming compensation. In short, some of the main issues to look out for which may qualify for a mis-sold pension claim include:
- Being encouraged to transfer your pension into a SIPP (Self Invested Personal Pension)
- Investing into non-standard assets such as carbon credits, storage pods, car park schemes or overseas property
- Being advised to move from a company pension scheme to a personal pension, when the company schemes would have offered better results
- Feeling pressured into the new pension without having the time to look around for a potentially better deal
3. How long do you have to make a Mis-Sold Pension Claim?
The specific time limits around your claim are something that you can look at with one of our experts in detail, but there is a standard limit of six years from when you were mis-sold the pension, or three years from the time you became aware of the mis-sold pension. Even if you are close to this deadline, get in touch with us as soon as you can, and rest assured, we will explore every possible avenue to ensure that you can pursue your claim.
4. Who can you claim against?
You can claim against the individual financial advisor who mis-sold you the pension, or the financial firm they were working for at the time. We can explore the details of your case and help you to decide on the best option for pursuing a claim.
5. How long does it take to claim?
Once you have contacted us about making a bad pension advice claim, we can get in touch with the firm in question, at which point they have eight weeks to respond. After this point, we can go directly to the Pensions Ombudsman and look to secure compensation in recognition of your mis-sold pension. We will look to complete this process as quickly as possible and will keep you fully informed at all times.
6. How does the Mis-Sold Pension Claim process work?
To start with, you can approach us to explore the possibility of making a claim. Any evidence you have access to at the time is useful, but if we take on your claim, our team can help you to collect and secure evidence if you are unsure of how to do so.
Once you have contacted us, we will arrange for a free consultation where you can speak to one of our team – either in-person or over the phone, depending on location and availability – and we will review the personal circumstances of your case.
Should we think that you have a strong case to claim compensation, and you want to proceed with our legal representation, then we will provide a dedicated and highly professional service that gives you the best possible chance of securing compensation.
7. How much does it cost to claim?
Under our claim model, any client with a mis-sold pension who we pursue a claim on behalf of will be able to make use of our No Win No Fee terms. Should we be successful in securing compensation on your behalf, our fees will take the form of a pre-agreed percentage of whatever compensation you are awarded.
This model protects your financial interests, and also shows our commitment to taking on claims that we think have a genuine chance of success, as your level of compensation determines our level of financial benefit.
8. How much compensation could you be awarded?
Your compensation amount can vary a great deal depending on the level of pension mis-selling that went on and the financial losses you incurred as a result. In general, we can secure anywhere up to £50,000 of your pension nest egg through the expertise of our legal and financial team.
9. How do you find a trusted service to claim with?
It is important to find a highly-qualified and well-experienced service to make sure that your mis-sold pension case is properly dealt with and the maximum compensation secured on your behalf. We understand that many individuals will be wary of taking financial advice after being so badly let down over their pension, so here at Pension Justice we work hard to ensure the trust and peace of mind of our clients.
We’d be happy to speak to you today via a free and no-obligation consultation, allowing you to find out more about our range of services.
10. What if the company you want to claim against has gone bust?
Many people believe that if the company who are responsible for their mis-sold pension are no longer in business, then they have nobody to claim against. This is not actually true, as there is a process in place for mis-sold pensions that allows you to still make a claim through the Financial Services Compensation Scheme.
We hope that this short guide has been useful in giving you an oversight of key details around mis-sold pensions and how to make a claim if you have been the victim of a mis-sold pension. For more discussion on your specific case and pension advice, get in touch with us by phone, email or web contact form today.