Have you lost pension money or savings as a result of investing in Store Pods?
For a number of years thousands of people have been persuaded to invest in Store Pods. Store First have sold long leases to clients upon the basis that the Store Pods would be rented out by them and that the clients would receive the rental income. Many Store Pods are lying empty and producing no income whatsoever. However, Store First continue to charge management charges and the bills are sent to the SIPP companies who pay them from the client’s pension monies.
Many people were persuaded by their financial advisors with the promise of guaranteed high returns. This hasn’t happened.
Clients then end up owning something which they cannot find a tenant for and / or an asset that they cannot sell. The clients then own something which no longer produces an income and which now has nothing more than a nominal value.
If you were persuaded into investing in Store Pods by a financial advisor it may be that the advice to invest was unsuitable for you and the advisor should not have recommended Store Pods to you due to the high risks involved. If the advice was unsuitable then you may have a claim against the advisor for your losses.
In addition to the amount that a client has invested in Store Pods they may also be entitled to recover additional sums.
How is the claim calculated?
As well as being entitled to claim back the amount which a client invested they may also be able to claim losses such as:
- Fees paid to the pension/SIPP company who arranged the client’s investment;
- Money the client would have made if their pension / savings had remained where they were;
- Charges made by the advisor and the SIPP company.
If you’ve been affected by a mis-sold Store pod investment or you’ve lost some or all of your pension as a result of financial mis-selling, please get in touch with the team at Pension Justice.