With pension mis-selling, victims have usually been advised to transfer from safe and secure final salary/defined benefit pensions into SIPPs, QROPS or other unsuitable personal pensions. If your pension was mis-sold, you could be owed compensation, and we can help you claim back what you are due. But how do you know if you qualify to make a claim for?
Can you make a mis-sold pension compensation claim?
Claiming for a mis-sold pension helps you recover financially and holds the guilty party accountable for providing bad financial advice. Simply losing money on your pension (or any other investment) doesn’t mean that you have been mis-sold. But if you transferred your final salary/defined benefit pension into another pension scheme and your advisor did not give you enough information about the product, you may be a victim of mis-selling.
For example, if your advisor did not tell you about the risks of transferring your pension or these were not fully explained, or if your attitude towards risk was not assessed or considered, you could be the victim of pension mis-selling. You might also be due compensation if your advisor did not explain the benefits that you were giving up when you transferred or if they made misleading claims about high returns that have not materialised.
You might also be due compensation if an advisor persuaded you to move a final salary/defined benefit pension to a private scheme, and the provider or adviser has since gone out of business.
Your claim is far more likely to be successful if you followed the advice of a UK regulated financial adviser before transferring. If you set up the pension yourself, it is harder to prove that you were mis-sold as you decided to transfer yourself. However, if you received advice from a UK based pension company/scheme that you subsequently invested in, you may still be able to make a compensation claim.
Making a mis-sold pension compensation claim
If you believe that you were mis-sold a pension, you can claim compensation in the following ways:
You can claim with either of these schemes without using a solicitor. However, a lack of understanding of the law/procedures can put individuals at a disadvantage when up against savvy (and sometimes aggressive) defence lawyers. Many people who represent themselves in such cases are stressed and worried and can be overly emotional. This can work against them. With the outcome of such cases likely to have profound and long‐term consequences on the victims’ lives, the best way to make guilty parties pay for their failures is to use an expert lawyer.
Representing people in England and Wales, at KP Law, we help our clients claim back what they are due following pension mis-selling. Claiming with us is straightforward. It is free to sign up, and we act on a strict no-win, no-fee basis, so you won’t pay us anything upfront.
Because KP Law offers no-win, no-fee funding arrangements, you can benefit from expert legal support and complete peace of mind without worrying about costs. We’ll advise you on all the paperwork needed to make a successful claim and present your case clearly and concisely to ensure you get the maximum compensation possible.
If you believe that you have been mis-sold a pension, contact us to learn more about what making a claim involves. If you are unsure if you have a claim, we can find this out for you. Our initial advice is free, and there is no obligation to proceed.
