Since the government’s ‘pension freedom’ reforms in 2015, an increasing number of people are transferring their pension savings into self invested personal pensions (SIPPs) and non-standard investments. However, with many of these people later finding that their money is at risk or they’ve lost savings that took them years to build up, it’s no surprise that some are filled with regret.
If you regret transferring your pension, you may be relieved to hear that help could be available. However, this will only be the case if you’ve fallen victim to pension mis-selling or a pension scam. If you’ve been given poor advice or encouraged to pour your savings into a pension or investment scheme that’s not a good fit for you, you may be eligible for compensation.
Here are some things to consider:
We often hear from people who have been encouraged to transfer their pension savings into investment schemes that they have very little understanding of. Often, these people are contacted over the phone by cold callers promising high returns with very little risk.
Most of the time, these types of calls are carried out by scammers looking to take advantage of vulnerable people and those who’ve spent years building up a healthy sum of money for retirement.
Some victims agree to transfer their pension into the investment scheme only to find out further down the line that their money has been invested poorly or, in extreme cases, completely stolen by the scammers.
It goes without saying that this can be incredibly devastating for victims, some of whom are left without the money they need to fund their retirement.
Not all pension transfers are scams. We’ve worked with hundreds of people who have sought the help of independent financial advisors (IFAs) only to receive poor advice that has led to the loss of their pension savings.
An IFA doesn’t have to be an outright scammer in order to give a client poor advice. Some will have done very little research before recommending a product to each client,
There are also some IFAs who will recommend certain investment products due to the commission they receive when a client signs up. If you’ve found out that your IFA received a commission but they failed to tell you about this beforehand, this could be a sign of pension mis-selling and you may be entitled to compensation if your money was directed into a fund that was unsuitable for you.
Here are some signs that your financial advisor may have mis-sold a pension or investment product to you:
If you think you’ve fallen victim to a pension scam or financial mis-selling, please get in touch with the team at Pension Justice. We’ll do everything we can to fight for the compensation you deserve.