Pension Claims in General Overview
Since the late 1980s, pensions have been frequently transferred from one product (or provider) to another. Whilst these transactions have often resulted in the financial services industry being very well remunerated, in many cases, the financial advice to transfer was not suitable for the consumer and has lead to a substantial, or even sometimes a total loss of pension funds for some people.
Different Pension Types
Self-Invested Personal Pension (SIPP)
In most cases, the transfer to a SIPP has usually been followed by the subsequent purchase of high risk, illiquid, underperforming alternative investments, with higher annual charges. SIPP operators have also been heavily criticised for the lack of due diligence and background checks carried out on these product providers. This has resulted in many complaints against both the adviser that gave the original unsuitable advice to transfer the pension and the SIPP operators themselves. Find out more about SIPP 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. This is because the guarantees are lost forever when the transfer takes place. A Final Salary transfer is where your employer takes into account your final salary at the time of retirement and offers a transfer value that relates to your last known pay. Want to find out more about Final Salary Transfers? Get in touch today for expert advice.
Small Self-Administered Scheme (SASS)
Often set up by non-FCA-regulated entities such as sales agents and/or alternative product providers to hold high risk, illiquid, underperforming alternative investments. Transfers to a SSAS were often made in an attempt to avoid stringent, safeguarding regulation. 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.
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.
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If you've been mis-sold a pension scheme or been provided with unreliable advice from a financial adviser, then let Money and Me Claims help today. Our dedicated team of experts work on a no win no fee basis, where we only charge a fee if we win your case or you cancel after the cooling off period has expired*. Otherwise, if we don’t win, you don’t pay!
Get in touch with us today on 01236 607952 , or alternatively contact us online and we will get back to you at a time that suits you.
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Important to know
About Money and Me Claims. Money and Me Claims is a claims management company which helps customers claim compensation for financial products that have been potentially mis-sold to them.
Authorisation. Money and Me Claims Ltd is authorised and regulated by the Financial Conduct Authority in respect of regulated claims management activities. FRN834307
No win no fee. Money and Me Claims works on a no win no fee basis
Charging basis. Money and Me Claims charges 25% + VAT on successful claims (20% +VAT for PPI)
Cooling off period. Customers have a 14 day cooling off period to cancel any agreement with Money and Me Claims
Charges in the event of cancellation. Customers will incur some charges if they cancel after the 14 day cooling off period has lapsed
Other options for making a claim. Customers do not have to use Money and Me Claims to bring a claim and can: use the services of solicitors or other organisations; make a claim themselves without charge through the Financial Services Compensation Scheme (FSCS), the Financial Ombudsman Service (FOS), The Pensions Ombudsman (TPO) and directly to the person to whom the claim relates; or claim on their own insurance for financial mis-selling.