Your pension provider should be there to financially assist you in your golden years. Pensions don’t have to be complicated. That’s why many people are happy to stick with the workplace pension they have been provided by their company or will take a state pension from the UK government. Unfortunately, there are extremely malicious people out there who want to take advantage of the vulnerable. Elderly people are more at risk of pension scams. This happens if they are isolated or do not fully understand their own pension plan. Sadly, hundreds of people around the UK have been mis-sold a pension plan and have been scammed out of their nest egg. Here at Gowing Law Solicitors, we believe that this is a gross injustice. That’s why we are determined to get you compensation if you have become the victim of a mis-sold pension.
Our law firm can provide you free advice and consultations to get started. That’s why we would highly recommend that you get in contact with us at quickly as possible. Call us on 0800 041 8350 or click the button below to visit our mis-sold pension’s website:
What type of pension provider should I go for?
Before we jump into the signs of a mis-sold pension scheme, let’s just have a brief discussions about pensions in general. As you probably already know, a pension is basically a pot of savings that you build up through your working career. Its main objective is to protect you during old age when you eventually want to retire. There are many different types of pensions for you to choose from. However, the most popular are these three categories:
As you can see, the majority of pension providers work alongside companies and workplaces to ensure that their employees have a safety net after they have retired. However, there are some that invest in SIPP schemes in order to increase the amount of their pension pot. This includes investments in hotels, foreign property and forestry. Make sure to do your research before you pick a pension plan for yourself. Most people tend to go with the provider that their workplace is using because it is a safer option. If you chose to go with a pension provider outside of your workplace or the UK government, you should find a financial advisor to give you the best investment options possible, especially if you are new to investing altogether. That way you can be protected against making large investments that could jeopardize your pension pot as a whole.
Why would my pension provider try to scam me?
As we get older, we get more trusting and may find it more difficult to discern when something is a little fishy. The sad truth is that a lot of elderly people are isolated and fall victim to these type of scams every year. Through phone scams alone, it is estimated that 43% of older people, that’s 5 million people 65 years or older, have lost money. Not every pension provider is going to be someone who is simply after your money. However, there are going to be unscrupulous people who work as a pension provider who will try to claim money from you or try and sell you a pension that will not suit you completely.
Honestly, the main reason why you pension provider might try to scam is you is due to money. You see, there are some pension providers that receive a share of the profits if they encourage clients. This is known as a commission. Therefore, it’s likely that they will actively try to encourage as many of their clients a possible to go with the profitable pension, even if it does not ultimately suit them, their needs or their investment. This may even be to the extent where they cold-call people out of the blue.
No one wants to think that a trusted financial advisor could simply be after a commission. But sadly, it does happen. That’s why it’s crucial that you do your own research on the recommended pension and your pension provider. Ask for their credentials and look for reviews on them. That way you can discern whether or not they are a trustworthy source of advice.
What are some signs that my pension provider could be trying to scam me?
Now that you understand that you need to be wary of all pension providers, you may feel a little concerned that you don’t understand what to look out for in relation to scams. A pension scam can be easy to spot if you take a little time to do some research before you agree to the conditions of the pension scheme. This is where Gowing Law is ready to help. Pension providers who are looking to mis-sell you a pension do have warning signs. Take a look at the infographic below. That way you can get a better idea of what you should be keeping an eye out for:
As you can see, there are quite a few warning signs that you can keep an eye out for in relation to your pension-provider and whether or not they are trying to mis-sell you a pension. Another sign can also be in relation to the type of paperwork they ask you to sign. Many examples of mis-sold pensions do not even have a contract that was signed! Instead, the pension provider simply took their money and told the victim that it was simpler to not involve contracts. This is a massive red-flag that you should be aware of. If you get a bad feeling about your financial advisor, you can ask them for their credentials and for more information about the pension scheme in general. If they refuse to provide more details then you can politely cut ties and look for a better financial advisor to guide you.
What should I do if I have become the victim of a mis-sold pension?
The first thing we want to say in relation to this is that we are sorry it has happened. Being the victim of a mis-sold pension can leave you feeling vulnerable and scared. In some cases, the financial advisor or the pension scheme may have took the majority of your nest egg and may have left you with barely anything to survive on. Whilst we cannot get you your investment back, we can get you the justice that you deserve.
If you have suffered from a mis-sold pension, the first thing you should do is collect information on the company and find evidence that you were mis-sold. This includes finding documentation and correspondence between you and the other parties. You can then speak to the FCA or Financial Ombudsman about the scam and write in a letter of complaint. From there, you can start constructing a legal claim against the third party with the help of a solicitor from Gowing Law Solicitors. They can do all of the difficult paper-work for you and make sure to speak to the third-party on your behalf. That way you can relax and recover from the trauma of the experience. Your solicitor can simplify the claims process for you and ensure that you can get the compensation that you deserve.
Gowing Law Solicitors can help you with your mis-sold pension claim
Here at Gowing Law Solicitors, we understand that being mis-sold a pension can be a traumatic experience for the victim. It can leave you feeling like a victim and unsure about the future. That’s where our law firm can come in order to solidify your future and get you a pay-out that can keep you ticking over for the time being. Our lawyers can offer you free advice and consultations to get you started. If you are happy to work with our law firm, we can offer our services on a “no win-no fee” basis. That means you will always come out on top and will never need to pay any hidden fees. You will only need to pay our solicitors if we win your case for you. So, what’s stopping you from making a claim?
Contact Gowing Law Solicitors today to start your claim! Call us on 0800 041 8350, email us at info@gowinglaw.co.uk or use our claim’s checker to get started. Our lawyers will then be available to answer your questions.
Learn more about mis-sold pensions in our blog
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