Mis-sold Pensions and Investments
Supporting You Through Your Mis-Sold Pension Claims
You’re looking for a pension that guarantees a comfortable retirement after investing years of effort. Unfortunately, mis-sold pensions could reduce your retirement savings. You could be a victim of a mis-sold pension if you feel pressure from a financial adviser to invest your money into a new scheme or don’t get important information before making a transfer.
Mis-sold pension claims are a top practice area at Sandstone Legal. Our law firm knows how poor financial advice could negatively affect a person’s personal circumstances in the long term. By working with an experienced mis-sold pension solicitor from our team, you may be able to secure your pension funds with a mis-sold pensions compensation claim.
First Off, What Is a Mis-Sold Pension?
Pension mis-selling costs people money due to poor pension transfer advice. A poor pension scheme prevents people from being fully informed so they can make smart decisions and avoid a financial loss.
You don’t have to suffer the effects of bad pension advice. Filing a pension mis-selling claim through Sandstone Legal can get you the help you need to protect your investments.
What To Expect From Your Mis-Sold Pension Compensation
Many financial advisers who give bad or inaccurate pension transfer advice may suggest investing money into new schemes that claim a 100% return on investment guarantee. Others may provide financial advice on pension transfers that promise large lump sums or better terms. These advisers may not act in your best interests or account for individual circumstances.
You may be eligible for a mis-sold pension claim if you experience these problems. Learn more about pension mis-selling and how to tell if you were mis-sold a pension below.
How Much Are You Entitled To?
If you think you’re a victim of financial mis-selling, you could file a mis-sold pension claim through the financial services compensation scheme. The average compensation for a mis-sold pension claim is £25,000 to £50,000. However, if you get misinformation or bad pension advice from a financial adviser, you could be eligible to get up to £85,000 per firm if the offence occurred after 1 April 2019.
Since no two people have identical personal, financial, or professional situations, knowing precisely how much compensation you could receive before filing a mis-sold pension claim is impossible. However, working with an experienced mis-sold pensions claims solicitor can assess your claim and estimate the compensation amount you could get with a favourable ruling.
Compensation amounts for mis-sold pension claims depend on several factors, like:
- Your financial losses
- The type of mis-selling involved in your case
- Additional damages due to mis-selling practices
At Sandstone Legal, you can find the help you need to pursue mis-sold pension compensation. Our skilled and knowledgeable solicitors have ample experience helping people in the United Kingdom navigate pension schemes due to ill-advised transfers
Our pension team streamline our clients’ pension scheme legal journeys by:
- Actively listening to understand their needs and concerns
- Tailoring our legal strategies to each client, whether it involves a settlement or proceedings through the High Court if necessary
- Implementing our customised strategies while informing our clients every step of the way
- Operating with a no-win, no-pay policy to reduce fees people pay during their cases
How To Know If You’re Entitled To Compensation for Your Pension
A financial adviser can engage in pension mis-selling if they advise a client to invest their money somewhere specific without alerting them of potential risks or providing relevant information. You could file a claim against the adviser or their financial firm.
You may be eligible to claim compensation for a mis-sold pension if you were advised or pressured to:
- Transfer your pension to a self-invested personal pension
- Take the new deal without time to shop for a better deal
- Make investments into non-standard assets like car park pension schemes or carbon credits
- Shift from a company pension scheme to a personal pension with less desirable results
A mis-sold self invested iersonal pension(SIPP) is the most common mis-sold pension. It’s a scheme that lets investors boost their pensions by granting them the freedom to put their money in other schemes for a higher return on investment. SIPP pensioners don’t pay Capital Gains Tax or income tax on these investments. A SIPP is best for experienced investors.
A pension transfer from a company pension scheme without sufficient information about the new plan or the risks of a pension transfer is another type of mis-selling. A final salary pension or defined benefit pension involves transferring a pension for cash to put into defined contribution schemes like SIPPs or personal pensions.
Gather as much evidence as possible if you think you have a claim for a mis-sold pension. That includes pension transfer records, paperwork from the investment, and evidence of your adviser’s recommendations. You have three years from when you recognise the adviser’s negligence to file a claim, so contact a solicitor quickly to investigate your claim.
Get the Right Support for Yourself or a Loved One With the Right Mis-Sold Pension Solicitors
Sandstone Legal provides the support and guidance workers need when handling pension plans. Whether you need to file a complaint on a financial adviser or firm with the Financial Ombudsman Service or pursue a mis-sold pension claim through the Pensions Ombudsman, we’ll deliver the help you need.
You shouldn’t worry about stretching your retirement funds later in life. Our solicitors will work hard to help you recover losses from your pension pot due to bad advice. Our Sandstone Legal team strives to simplify our processes and alleviate much of the financial burdens our clients experience while pursuing favourable outcomes for each claim.
That’s why we work on a no-win, no-fee basis. You don’t have to pay fees for services unless you win your claim. We also offer a free initial assessment to determine if you have an eligible investment claim.
Get in Touch To Start Your Pension Claim
Sandstone Legal is ready to help with mis-sold pension claims. Complete the form below to begin. A courteous mis-sold pension specialist from our staff will be in touch.