Pension Claims in General

Since the late 1980s, pensions have continually been transferred from one product (or provider) to another. These transactions have often resulted in the financial services industry being very well remunerated, however it has been proven that in many cases, the financial advice to transfer has not been suitable, leading to a substantial, or even a total loss of pension funds for some people.

Different Pension Types

Self-Invested Personal Pension (SIPP)

Often set up to hold high risk, illiquid, underperforming alternative investments, with higher charging structures. An agreement is struck between you and your pension provider and usually an SIPP is independent from your employer. Find out more on SSIP schemes here.

Final Salary Transfers

With in-built guarantees it is rarely suitable to transfer this type of pension to any other form of Pension product or provider. A Final Salary transfer is where your employer takes into account your final salary at the time of retirement and offers a sum that is respective to your last known pay. The maximum amount of pension is equivalent to forty years of work at the time of writing. Want to find out more about Final Salary Transfers? Get in touch today for expert advice.

Free Standing Additional Voluntary Contribution (FSAVC)

In the vast majority of cases, ‘in-house’ AVC’s have proven to be far more suitable. Similar to an Occupational Pension Scheme, an FSAVC does not hold any limit on how much you can pay into your pension fund a month, and as of April 2006 this figure can be 100% of your earnings if you so wish. Having a Free Standing Voluntary Contribution puts you in control of how much you can save for retirement, and is a great option if you like to have flexibility with your outgoings. See more from Free Standing Additional Voluntary Contributions here.

Small Self-Administered Scheme (SASS)

Often set up to avoid stringent regulation by unregulated entities such as sales agents and/or alternative product providers to hold high risk, illiquid, under performing alternative investments, successful claims for compensation are dependent on proof that a regulated financial adviser provided unsuitable advice to transfer an existing pension into a SSAS. Please note that unfortunately, in the majority of cases we have seen, regulated financial advice was not provided. Find out more about Small Self Administered Pension Schemes here.

Occupational Pension Scheme (OPS)

Often set up by unregulated entities to circumnavigate the regulated (advice) process. An Occupational Pension Scheme is often referencing an account that your place of work set up to help you
save for your retirement. Usually an OPS falls under three categories:

  • Defined benefit pension schemes
  • Defined contribution pension schemes
  • Cash balance plans

Often, workplace pensions require your employer to also pay in and contribute towards your pension, the majority of the time this matches the sum that is deducted from your monthly/ weekly wage. If you would like to find out more about Occupational Pension Schemes, take a look at our dedicated page.

Start your free claim today

If you've been mis-sold a pension scheme or been provided with unreliable advice from a financial adviser, then let Money and Me help today. Our dedicated team of experts work on a no win no fee basis, so there's nothing to loose! Get in touch with us today on 01236 884307, or alternatively contact us online and we will get back to you at a time that suits you.

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