Tag: missold pension compensation

What do I need to know about Mis-Sold Pension Claims?

Posted on June 9, 2021 by - Blog, Pension Claims, Uncategorised

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Mis-sold Pension Claims are there to protect older, vulnerable people who have sadly become victims of pension scams. Here at Gowing Law Solicitors, we understand that it can be extremely disheartening to have your pension pot put at risk, especially if you have spent years building it up in order to have a comfortable retirement. There are unscrupulous financial advisors and pension advisors out there whose main objective is to try and make a commission on your investment. That’s why it’s essential that you remain vigilant and try to avoid these types of scammers. If you have already fallen victim to a mis-sold pension or a mis-sold SIPP scam, it’s important that you claim compensation for your losses. This is where Gowing Law Solicitors can step in to help you.

A pay-out from a mis-sold pension claim can help you rebuild your life and some of the funds you have lost. Although you may not be able to get your investment back, you can at least know that you will get justice for your losses. Before you jump into making a compensation, read this blog to learn more about mis-sold pensions. You can then get in contact with Gowing Law to start working with our solicitors. Call us on 0800 041 8350 or visit our website below to get started on your claim:

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Everything that you need to know about Mis-Sold Pension Claims

Here at Gowing Law Solicitors, we will always do our best to provide you with expert advice to ensure that you get the compensation you deserve. Our lawyers can help you with any complicated paperwork and can even speak to the Financial Conduct Authority (FCA) on your behalf. That way simple mistakes can be avoided that could invalidate your claim and you will have a legal expert on your side. Don’t forget that if you cannot find the question that you want answers for in this blog, feel free to direct it towards your solicitor. They can speak to you about the specifics of your case and ensure that you get the best advice for you and your situation.

With that said, let’s find out more about mis-sold pension claims and what you can do to avoid getting scammed by malicious financial advisors in the future:

What type of pension schemes are there?

Ultimately, when you get to around 65 years old it may be time for you to start planning your retirement. Of course, in some circumstances you may be allowed to retire earlier, or you may decide to retire later on in life. It entirely depends on you, how much money you have saved or how much money your employer has put into your pension scheme. Whilst you can invest your money into a SIPP scheme to grow your pension pot, ultimately there are three main forms of pensions that you can consider. These are:

Pension Providers GIF

Of course, there are other options for you to consider, especially if you want to grow your pension pot by investing it in a scheme abroad or in the UK. By going to a pension advisor, you can speak to them about the specifics of how you would like to invest your money. You can pick from a range of low risk- high risk schemes and get their advice on what would best suit your needs. A financial advisor/pension advisor should have the investment experience needed to provide you with a suitable scheme that can help you grow your pension pot. Unfortunately, this may become problematic if the financial advisor does have ulterior motives.

Why would a financial advisor scam me out of my pension?

Sadly, not all financial advisors will do their work with “you” in mind. Instead, their real motivation may be money. Sometimes, financial advisors may be hired by specific investment companies or scheme to encourage pension owners to join. These types of advisors tend to make a commission if they successfully get people involved in a type of scheme. To do this, they may not tell their clients all of the full details of the scheme. Instead, they may downplay some of the risk or may even get them to contact other advisors, who are working under the same scheme, to make it seem more trustworthy. In other cases, they may be the ones behind the pension scheme scam in the first place, so are receiving the entire investment.

Each mis-sold pension scheme comes with different circumstances, however, they each are mainly motivated by money. The best way to avoid falling into a scam is to ask the right questions and keep an eye out for the red flags. You have the right to ask for information from your financial advisor, including for evidence about their credentials and the scheme they are suggesting. If you get a bad feeling about them, go with your gut and find someone new. It is your right to say no to investing in a pension scheme.

Compensation for Mis-Sold Pension Claims

What sort of red flags are there for mis-sold pension scams?

Now that you understand that not all pension providers have your best interests at heart, it’s important that you understand what red flags there are that you can keep an eye out for. Every mis-sold pension scheme will have warning signs that should identify them as crooked. The best way to discern which could be problematic is by doing your own research. If something appears to be a bit general and vague, it is more likely to be a scam than a pension scheme where the financial advisor will give you tons of information, a detailed contract and sources to back up their findings. Take a look at the infographic below to get a better idea of the warning signs of a scam pension scheme:

Mis-Sold Pension Scheme Infographic

It’s essential that you get a contract when you get involved in any type of investment. The contract demonstrates that you are involved in the investment and can serve as evidence. Overall, if you were given bad financial advice, you could be eligible for compensation. This is because you thought there was less risk than there actually was. It’s worth getting in contact with a solicitor for more information.

What could make me eligible for a mis-sold pension claim?

As we said before, the main way that you could be eligible for a mis-sold pension claim is to prove that you were a victim of bad advice. Your financial advisor /pension provider has a responsibility towards you and your investment. This is known as a “duty of care.” They need to make sure that they are giving you the best advice possible and that you know everything about the investment. That way the decision can be yours as to whether or not you put your money into the scheme. If they give you little information or lie to you about the risk of the scheme, you can prove that you are a victim of bad advice.

Make sure to keep evidence to prove that you were a victim of bad advice. That way you can show that it was not through a fault of your own that you lost your investment. Evidence can include correspondence with the financial advisor, photographs, videos, letters, witness statements and the lack of a contract. If you believe that you are eligible then you should report the financial advisor and their firm to the FCA. You can then write a complaint to the company. It’s important that you then move on to speak with a solicitor about making a compensation claim. Your lawyer will then move forward with your case and work with the FCA to get you the pay-out that you deserve.

SIPP investments

Will I be able to get my investment returned to me?

Unfortunately, you will not be able to get your investment returned to you from your pension scheme. If you decided to invest your money in a certain scheme, that was your choice. Therefore, if the investment went bad, and the money spent then you cannot get this returned to you. Whilst you cannot get this money back, you can get compensation for your losses. It may not be the full amount you invested into the scheme. However it will be enough to help you through this difficult time and get you back on your feet.

What should I do if I am the victim of a Mis-Sold Pension Scheme?

If you can pull out your investment from the scheme as quickly as possible, there is a chance that you could regain some of the funds that you have lost. There is still a chance you will be able to focus on getting a little bit of your money back. The same goes for if you notice that the pension scheme you are investing in seems a little shifty. If you get a bad feeling about it then withdraw and invest in a different scheme altogether. You have the right to do this and to feel safe in your investment.

With that said, what should you do if you have already been scammed by a bad financial advisor? The first thing you should do is stop investing and sending money. Instead, focus on collecting information that you can use as evidence against their scheme. You should then speak to the FCA in order to get their attention. They can start an investigation into the pension scheme. It is then crucial to make an official complaint to the financial advisor and their pension scheme firm. Once the complaint is made, you can then go to a solicitor in order to start on your compensation claim. Your solicitor can speak to your pension plan provider on your behalf. They can let them know that you intend to sue for compensation.

How to report a pension scam

How much could I be owed from mis-sold pension claims?

The amount of compensation that you receive from this type of claim will depend on the extent of your damages. Your damages may include emotional and financial distress. However, keep in mind that the complexity of the case may affect the overall amount that you receive. For instance, if you have lost nearly all of your pension pot, you could be owed a lot more than someone who knew more about what they were getting into.

In some cases, you could be owed up to £50,000 for your losses. The best way to discern an estimate of how much you could be owed is to speak to your solicitor. They can calculate your damages and let you know a rough estimate. Moreover, this can be used as a settlement agreement that can be offered to the other party involved.

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How long do I have to make a mis-sold pension claim?

Overall, you should have three years from the time you realized that you were involved a pension scam. However, this may be changed if you experience exceptional circumstances. It’s essential that you go and speak to your solicitor as quickly as possible. That way you can give them the maximum amount of time to look into your case. More importantly, this will be extremely helpful as there may be potential delays due to the current pandemic and the backlog of the UK court system.

How long will it take to get compensation from my pension provider?

Again, this will depend on the complexity of your case. It will also depend on whether or not your pension provider is still in business. It will only take a few working days for our team to discern whether or not you are eligible for compensation. From there, it may take a few months (or perhaps longer) to work through your case. We will also need to collect evidence and work with the FCA to get you the compensation that you deserve. Speak to your solicitor about a potential timeline. That way you can always be kept in the loop.

Gowing Law Solicitors can help you with Mis-Sold Pension claims

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Here at Gowing Law Solicitors, we understand that mis-sold pension schemes can have a major impact on their victims. Our clients have experienced major financial and emotional damages that can never fully be healed. That’s why we are determined to get you the compensation that you deserve. Our expert pension specialists can provide you free advice and consultations to get you started. From there, 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. Instead, you will only have to pay our solicitors if we win your case for you.

Get in touch with our solicitors today by calling 0800 041 8350, emailing info@gowinglaw.co.uk or by using our claim’s checker. From there, one of our specialists will talk you through your claim. Above all, they will be there to answer any additional questions you may have.

Learn more about mis-sold pension claims

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If you’re interested in learning more about mis-sold pension claims, the best place to go is Gowing Law’s blog! We understand that it can be a bit of a daunting experience to start a claim without understanding the basics. That’s why we hope that our basic blogs can help you get the information you need to get started. Our last basics blog was all about Housing Disrepair Claims, so make sure to go have a read of that after you have finished reading this blog.

Our blog is updated every week with new content. This is about different law topics, seasonal events, information about our law firm and giveaways/competitions. Moreover, feel free to your own topic suggestions to info@gowinglaw.co.uk. We would be more than happy to write about it. Please use the same address if you are interested in signing up to our newsletter.

We look forward to seeing you in our next blog!

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Are you the Victim of a Mis-Sold Pension?

Posted on May 12, 2020 by - Blog, Pension Claims, Uncategorised

No one deserves to be the victim of a mis-sold pension. As we get older, we deserve to enjoy our golden years with a secure pension to support our livelihoods. After all, you have worked hard to earn this period of relaxation. However, if you have opted out of your job’s pension scheme, you may have been unintentionally mis-sold a pension by an unscrupulous firm or financial advisor. Whether you want to move pensions or are considering a specific SIPP, it’s important that you are aware of all of the s that come with investing pensions into money schemes.

Here at Gowing Law Solicitors, we understand that many people investing in more high-risk schemes are simply looking for a stronger pension fund altogether. So, if you have already become the victim of bad financial advice, we can help you make sure that you receive the compensation that you deserve. Today, we are going to learn what sort of high-risk pension schemes are out there that could make you lose money!

The Three Types of Pension Schemes

Before you consider whether or not you have been the victim of a mis-sold pension, it’s important to know what sort of pension you already have. There are three options available to you:

For both your defined benefit pension and defined contribution pension, you will usually get around 25% of your nest egg tax free. However, keep in mind that any private pension arranged by yourself may go up and down depending on what sort of investments were put into it. The value of how your pension pot will perform will then depend on how well your investments perform.

picture-of-low-risk-investment-tips

Automatic Pension Enrollment

One of the main questions that you need to ask yourself before you retire is ”How much money will I have to live on?” For most people, the answer is going to be that it will be significantly less than what you may have been earning whilst you were employed. If you don’t want to be living on the bare minimum, then you will need to consider whether or not it’s worth it to invest in a state pension all together. Now, Martin Lewis, in an interview on This Morning gives some useful tips on improving the state of your pension. But is this really enough?

If you are thinking about leaving your “auto-enrolled” pension, you may have been looking into a privatized financial scheme. This would help you take the money that you have saved, invest it in a validated scheme and then reap the reward.

Pension Investment Schemes

There are quite a few schemes that you can invest in.

  • SIPPs (Self- Invested Personal Pensions)

A SIPP is an investment scheme where you can use pension funds to create a higher return. Whilst you can get advice from your financial advisor on these plans, remember that they are more suited to experienced investors. This is because the bigger risks tend to have more returns. Try to avoid investing all of your pension into one SIPP, that way it is less likely you will be too badly impacted by a mis-sold SIPP.

  • GSIPPS (Group Self-Invested Personal Pensions)

GSIPPs are offered by employers to build up a larger retirement fund. They focus on a group of people under a specific scheme. Each person under the scheme has an individual SIPP contract between you, the other members, and the pension provider. Your employer can contribute to your GSIPP, but they may also need your contribution as well.

  • SSASs (Small Self-Administered Pension Schemes)

This scheme is a workplace pension that is established by key members of staff and company directors. They can offer this scheme to any employee who wants it. The best part of these schemes is that you can choose precisely how your money is invested. You can even decide to invest in the company you’re employed by. Just make sure you know all of the risks of the investment before you confirm your interest.

  • Private Sector Investments

A private sector investment can be high-risk, as you will need to look into the potential investments yourself and consider their risks. The private sector includes a wide range of industries that can be sponsored and return your investment at a higher price. This should increase your standard of living.

  • Defined Benefit Transfers

You may decide to transfer your salary-defined pension in exchange for cash. This is what is known as a defined benefit transfer, aka. A final salary transfer. You must then invest this money into a defined contribution scheme, aka. A personal pension or a SIPP.

The three that you are most likely to invest in are SIPPS, SSAS and Defined Benefit Transfers. This is because the majority of them do come with less risk. You can find out the best schemes for you and your pension through a reliable financial advisor. But be warned, it is also useful for you to do your own research on the schemes that you have been recommend.

The Signs of a Mis-Sold Pension

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When you are deciding on which pension scheme is right for you, it is essential that you get solid advice from a financial advisor that can steer you in the right direction. However, not all pensions are the perfect fit for everyone. Sometimes your advisor can tell you to invest in the wrong type of pension. This is where there is potential for you to make a mis-sold pension claim.

If you have been mis-sold a pension, you need to consider:

Was it sold to you due to bad financial advice?

If you did not understand the full risk of your pension investment, and therefore lost your funds due to it, this could mean that you are due some form of compensation. This is because you were not made fully aware of what sort of financial scheme you were getting yourself into. Instead, you lost out due to the negligence of someone else. This means you deserve to be compensated for your losses.

There are other ways that you could have been mis-sold a pension. Check out some of our examples below!

mis-sold pension infographic

What really brings these types of claims together is the fact that you did not have any knowledge of them. You were promised a certain type of pension scheme and, instead, received something completely different. You are the victim of negligence, and your investment was used for selfish reasons. This may have put you in a notably worse financial position than when you first started. If you were really unlucky, you may have lost your entire pension fund altogether! That’s why, experienced mis-sold pension lawyers, like Gowing Law Solicitors in Manchester, are here to help you claim any compensation that is owed to you.

Don’t forget about mis-sold SIPP schemes!

As you can see from our infographic, there are quite a few pension schemes that have the potential to be mis-sold to you. Mis-Sold SIPP schemes work in a similar way, meaning that you will have to keep an eye out on the invested company and any advisors who recommend you the scheme in the first place.

Here at Gowing Law Solicitors, we want to make sure that you know exactly which bad SIPP schemes are out there. That way you can know precisely whether or not you have a compensation claim with them. This is why we have started creating a list of mis-sold SIPP schemes. This includes:

  • The Dolphin Trust / The German Property Group
  • Berkeley Burke
  • Harlequin Properties
  • Liberty SIPP
  • Fast Pensions
  • TailorMade Independent
  • One Stop Financial Services
  • Guinness Man & Trust
  • Point York SIPP

Make sure to check out our Mis-Sold Pensions page for more information on SIPPs!

Gowing Law & Successful SIPP Claims

If you are considering working with a Gowing Law pension solicitor, we want you to know that you have an experienced claims lawyer on your side. Our team of mis-sold pension specialists have already won legal battles against problematic SIPP providers and financial advisors. This includes:

  • Berkeley Burke
  • Harlequin Properties
  • The Dolphin Trust/ The German Property Group

It can feel intimidating going up against a large financial investment company on your own. But you don’t have to! With the help of a specialist mis-sold pension lawyer, we can help you get the compensation that you deserve and much more. No one deserves to have their retirement fund taken away from them due to false promises. That is why our expert pension claim advisors are here to assist you with your case.

What do I do now?

No matter how big or small your claim is, it is worth pursuing. You deserve compensation. After all, you invested your hard-earned money and expected something in return. If you have experienced a financial loss due to your pension investment, it’s time for you to get help. You can work on your compensation on your own, or perhaps visit the UK Government’s website for help, but having a solicitor on your side can simplify the process and increase your chances of a win.

The first thing you need to consider is the amount of information you have on your pension. No matter what you have been mis-sold, the more information you have on it the better!

The documents you have need to:

  • Prove you were unaware of the risks of the investment
  • Show that you were promised more than you received
  • List the main clauses of the agreement and what was expected from the financial advisor
  • The details of any parties that are involved
  • Any signed documents or letters of communication

If you want more advice on what you need, make sure to contact the FCA or the Financial Ombudsman to see what legal powers you have. You can also make the company aware that you plan to launch a complaint against them. From there, contact Gowing Law Solicitors to help prepare your case. Our trained lawyers can help make things simple for you and get all of your information ready for any legal battles that may ensue.

How long will it take to make a case?

Most people try to leave their mis-sold pension case in order to see how things change in the future. However, we would recommend that you get in contact with Gowing Law as quickly as possible. You deserve compensation and we can get it to you in a timely manner.

Remember, how long it takes to get compensation depends on how big your case is. Some mis-sold pension claims are simpler than others. Therefore some may just take a few weeks, whilst others make take a few months. Please make sure to be patient with you pension claim solicitor. They will give you the best information possible and how you can move forward

How much could I claim?

Again, this depends on how much you have put into your pension investment. Each claim will depend on an individual’s circumstances. That’s why some claims are worth thousands of pounds. The Financial Services Compensation Scheme (FSCS) can provide you 100% protection on a pension mis-selling claim for up to £50,000. Work with your solicitor to see how much you could be owed!

What do you want to read about next?

We want to make sure that you are up-to-date with the latest law blogs. That’s why we are always uploading new topics to our blog page. This includes topics on immigration visas, the basics of PPI tax claims and even information on Covid-19 & Wills!

If you’re interested in learning more about one of our specific services, please get in contact with Gowing Law Solicitors today through our email: info@gowinglaw.co.uk. We want to write about everything that you want to know.

Contact Gowing Law Solicitors today to learn more about mis-sold pension schemes

Mis-sold pensions are never fun to deal with on your own. That’s why Gowing Law Solicitor’s trained pension mis-selling specialists are ready to offer their help. We offer free consultation advice and work on a “no win- no fee” basis. That means you will not have to pay if we do not win your case. Any fees will be discussed with you upfront to ensure you understand what to expect when you work with us.

Contact Gowing Law Solicitors now by calling 08000418350 or emailing info@gowinglaw.co.uk. You can also use our direct chat on our contact page to message our staff about your enquiry.

From everyone here at Gowing Law, we wish you the best of luck with your mis-sold pensions claim and look forward to working with you soon.