When you work hard to earn a living, you want to make sure that every penny you make falls into the proper place, with most of it becoming part of your savings. So when you decide to seek a pension to make your transition to retirement easy and stress-free, you want to guarantee you trust the right people and acquire the proper plan.
In the event that a person offers you a pension program that seems to work for you, you think you may have found the perfect place to invest your money. However, your decision could also involve risks, especially if it turns out to be a mis-sold pension.
People who mis-sell claims usually target those who have a significant amount of money and are looking for the best way to transfer their savings in the hope of receiving benefits. When they assure you about gaining great returns and a comfortable life, it all sounds convincing until you realize it isn’t true, and you have to suffer the consequences. Keep reading below to learn the types of mis-sold pensions you have to stay on the lookout for.
Self-Invested Personal Pensions
Self-invested personal pensions (SIPP) aren’t exactly an issue right off the bat. They’re an excellent alternative because they allow you to take the lead and decide what you want to do with your pension.
However, the problem begins when you initiate multiple purchases. They could come from high-risk and poorly performing investments that involve expensive yearly charges that could put you on the spot.
Companies offering SIPP have been constantly questioned for not doing their job of looking into a product provider’s background and history before offering the pension to interested investors. As a result, the financial advisors and the people behind the SIPP receive numerous negative feedback, including angry clients filing for mis-sold pension claims.
Small Self-Administered Scheme
A small self-administered scheme (SSAS) is a pension program typically initiated by non-regulated individuals, such as sales agents and product providers. They offer investments that can often put their targets at high risk of eventually losing their hard-earned money.
Transferring your income to an SSAS keeps you from having to face strict regulations and policies along the way. But if your financial advisor caused you monetary problems and you have the evidence to prove their incorrect advice has put you in turmoil, you are eligible to seek a mis-sold pension claim.
Final Salary Transfers
Final salary transfers happen when you acquire your final salary before retiring, and your employer suggests a particular figure to transfer to a new pension scheme. It’s based on your last income, and it’s a plan that doesn’t always lead to good things.
When you agree to a final salary pension, there’s a big chance that you’re dropped from claiming any previously guaranteed benefits from your employer. Other than that, you also put yourself at risk of losing all the money stored in your pension.
If you fail to get justice and your employer thinks they can get away from their wrongdoing, you could file for a mis-sold pension compensation. Since their advice ended up causing you harm, right when you were about to leave their company, you must work on the claim immediately to regain what you own.
Conclusion
If you believe you’re facing a risky deal that involves self-invested personal pensions, final salary transfers, or small self-administered schemes, you have the right to file for a mis-sold pension. Whether it’s against your financial advisor, employer, or pension provider, you must fight for your rights and take back the money you worked hard to achieve almost all your life.
Are you looking to hire a professional that handles mis-sold claims in the UK? Consumer Reclaim focuses on helping clients with their problems concerning mis-selling of goods, services, or insurance. Get in touch with us today to learn about our claiming process!