When I worked in an advice agency, pensions was the one topic I hated to try and give information on. The field is complex. It’s an important one particularly as most of us are likely to live longer than our parents did. My own pension situation is complex as I have had so many jobs some with pension provision and some without. It is scary to realise that approximately half of UK pensions are said to have been mis sold? The stress of a mis sold pension is huge but it is better to find out if you can do anything about it.
What is a mis sold pension?
Mis sold pensions mean someone gave you bad financial advice. It is scary stuff as it means individuals can lose some or all of their pension pots. Can you recall ever having someone persuade you to invest perhaps with inflated promises of great returns and a luxury retirement to come? You should be looking into mis sold pensions if you have a self-invested personal pension, a final salary transfer, an occupational pension scheme or a small self-administered scheme.
What do do next
If you believe you may have had a mis sold pension and/or poor advice from a financial advisor, you have the option of making a claim free of charge through the Financial Services Compensation Scheme, the Pensions Ombudsman and the Financial Ombudsman Service. You may have insurance for financial mis selling so that is worth checking out too.
When reflecting on whether you were mis sold a pension, see how you feel about these questions.
Are you aware of the terms of the code of practice your financial adviser was following?
Did you feel you had full information before making a decision?
Did you understand the information given?
Were you asked about your individual circumstances including health issues?
Did your financial adviser ask you about your attitude to risk?
If your gut feels at all rocky on any of these matters, you may have a claim for a mis-sold pension.
Where to get help
You can tackle mis sold pensions yourself. You may find it easier to consult experts in these matters such as Money and Me Claims. They work on a no win, no fee basis. If you win your case, they charge a fee of 25% plus VAT (or if you decide to cancel after the 14 day cooling off period).
Do you think you may have a mis sold pension?