Mis-sold Pensions

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Have you been mis-sold your pension?

Mis-sold Pension: Many people in the UK have been Mis-sold Pensions for a number of reasons and that is why we are here to help you. With over 50 years experience within the financial services industry we know how complex the pension regulations can be and this is where we have the expertise to process your claim.

The Financial Services Authority have reviewed the Mis-selling of the Pension market in the UK and have warned and fined several companies for the pension advice that has been given in the past.

Mis sold Pensions could have taken place due to a number of reasons some of which are detailed below.

Mis sold Pension: some of the key points surrounding Mis sold Pensions are people’s attitude to risk.

Did it match the pension investment? Were you aware of the charges in your pension? Did you receive all the correct documents from the advisor. Was your suitability letter accurate? Were you advised about stakeholder pensions? Was comparisons with a stakeholder carried out?

There is many other details we need to review during your Mis sold pension application process.

Pension Reviewer will handle your Mis sold pension claim and you can be sure with the level of expertise we have in the financial services market we will leave no stone unturned when auditing your case for being Mis sold. We will also ensure that we will get the maximum compensation possible if you have been Mis sold your pension in any way.

We will now look in more detail at some types of Mis selling that may have applied to you when setting up or reviewing your current pension arrangements.

Have you ever switched your pension to another provider?

Many people have switched their pension in the past on the advice of their financial advisor either because they may have advised you that better funds were available or you should consolidate all your pensions together for easier administration purposes. But has this been to your detriment and were you aware of the charges being applied to the pension fund on transfer. Many other people were advised to move out of With Profit funds without being advised. Other points we will consider is where did your pension fund come from. Was it in a Stakeholder pension plan, Personal Pension plan or previous occupational pension plan with deferred benefits?

We will also look where your transfer has been moved to and ensure it meets with your requirements and what alternatives were available to you prior to the pension transfer taking place.

Pension transfers or switches as they are sometimes called are not always Mis sold but the last FSA review that was published in December 2008 stated that 16% of the 500 files they had examined had been Mis sold pensions. It is our belief that this number will substantially increase due to advisors revisiting clients with the intention to switch their pension to gain more commission as the credit crunch had a huge impact on the financial services market.

The pension rules were relaxed in April 2006 and was called A day in the industry and many financial advisors have taken advantage of these rule changes to switch their clients pensions which was not always best advice. We will review every aspect of your pension transfer including your personal circumstances at the time along other information to determine whether we feel you have been Mis sold your pension.

Mis sold Mortgage Pension

Many people in the late 1980s and early 1990s were sold this type of pension. Were you one of them?

During this period people were advised that they could have an interest only mortgage and to start a pension as a way to repay the mortgage at retirement or to top up their existing pension for the same reason. People who were advised this believed it worked similar to an endowment mortgage and over recent years thousands of people have been compensated for their endowment mortgages being Mis sold.

One of the reasons for this was due to the endowment not going to achieve its set amount to pay the mortgage off. This could be the same as your pension mortgage so ensure you check it out. Remember that endowment mortgages were time barred so don’t let this happen to you if they decide to time bar these types of pension claims also.

Many of these types of pensions were Mis sold based on a number of factors and again our experienced staff will review your case and see if we can identify any Mis sold issues within your pension file.

Mis sold Occupational Final Salary Schemes

Did you have a Final Salary Scheme with your previous or existing employer and transfered it based on advice you were given?

If you had a final salary pension it is almost guaranteed that you would have had guarantees attached to it and many people lost these when they transferred their final salary scheme in to a Personal Pension or SIPP pension. People who did this also run the risk of losing some of their pension investment if the new pension does not perform as planned or as you were advised. We will review all areas of this type of pension to ensure no Mis selling has taken place.

Many people were also advised to transfer their pension when they were close to retirement and this could range from 50- 60 years of age. If this has happened to you then we would advise you to use our services to ensure you have not been Mis sold. There are several areas we will check to ensure you have not been Mis sold your pension transfer so we would encourage you to get it checked as if you have been Mis sold at this age them this could have a substantial impact on the income you will receive in retirement.

This is just a sample of some of the Mis sold Pensions we will investigate on your behalf but there are many other types including SIPP pensions and Drawdown Pensions, so whatever the type of pension you have we are sure our service will help you determine whether you have been Mis sold your pension or not.

Frequently Asked Questions

Can I claim myself for being Mis sold my pension?

The simple answer is yes but you must be confident of what your complaint is about and what information you are going to review in your file to lodge you pension mis sold claim as you will only get one opportunity to make your complaint.

How does the process work?

We will send you a data access subject request letter including a form of authority to send to the person in question, this allows us to deal with your claim on your behalf and the person in question must provide your records to us to start the review process. When you send this letter which we will prepare on an individual basis you must include a cheque or postal order for the sum of £10 made payable to the person in question to allow them to supply this information.

We then have to wait for the file to arrive although there are guidelines as to the time the person in question is allowed to take to supply this information. We will then start the process of auditing your case which will include us asking you to verify certain points within your file. This could take up to 1 month to complete as there is many areas we will review and discuss with you.

We will then advise you if you have a mis sold complaint based on the information we have received and then prepare our report to the person in question outlining our complaint. The next step is to allow them the opportunity to respond to the complaint and offer redress if they feel this is appropriate, if they decline the complaint then the next step is to apply to the Financial Ombudsman to have the case reviewed. Once they make their decision this becomes final and we will notify you of the outcome. During the whole process we will keep you informed on a monthly basis via email as to the progress of your complaint.

How long will my claim take?

We can assure you that we will endeavour to complete the process as quickly as possible but every case is individual so we cannot put a specific time frame on your case.

I would like a FREE pension review please

Excellent! You can contact one of the pension review teams in on of two ways either call our pension review helpline on 0845 519 6093 and ask for a “free pension review” or you can alternatively complete our online pension review form and one of the pension review team will call you back to discuss your pension review.

Our experienced advisors will talk you through your pension review step by step to establish the relevant information they need to process your pension review, the telephone call should only take 10 minutes and then they will go away to review your pension.