In 2018, pension claims in the UK doubled – and there’s a good reason for this. More and more people like you are being made aware of mis-sold pensions and how they might be affected by them. 2019 is a great time to claim for a mis-sold pension, but if you’re not entirely sure how a mis-sold pension affects you, we’ve outlined all there is to know in this handy guide.
What is a mis-sold pension?
A mis-sold pension is simply a product that isn’t right for the customer. Contrary to popular belief, you don’t have to lose any money to be mis-sold a pension plan.
So what counts as a mis-sold pension?
Mis-sold pensions can fall under the following categories:
- You were not given the full information to decide on your pension product, or you were given bad pension advice.
- The risks of the pension product were not fully explained to you.
If any of the above statements apply to you, you may have a claim for a mis-sold pension.
Some examples of how you could have been mis-sold
If you’re still unsure on whether you were mis-sold or not, here are some real-life examples in which you could have been mis-sold your pension.
Your advisor didn’t consider (or ask about) any health or medical issues
If you have long-term health problems (from diabetes to heart-related issues) and your pension advisor didn’t ask about these medical issues, you were mis-sold your pension product. With pension investments, advisors should always take into account the customers medical history, and failing to do so is an incorrect procedure.
You were not given the option of a workplace pension plan
It’s common for people to switch between work and private pension plans (and vice versa) when leaving or changing jobs. However, if your pension advisor didn’t give you the option to do so, or they didn’t explain that you could simply transfer your existing pension plan, you could be a victim of pension mis-selling.
You weren’t aware there were different options
It’s important for pension advisors to explain the many pension plans that are available and outline all of their benefits as individual products. You should have also been encouraged to shop around for the best possible deal. If these options weren’t made clear to you, it might be time to make a mis-sold pension claim.
You were convinced to buy a higher-risk pension product
Being pressured to invest in a higher-risk product is a poor tactic that advisors should never consider. For example, you might have been previously advised to invest in risky industries using a SIPP. For those looking for high-risk investments, SIPPs were commonly recommended by advisors. However, SIPPs have previously been mis-sold to those looking for a safe and reliable investment.
What to do if you’ve been mis-sold pension advice
If you resonate with any of the above examples, it’s possible that you were mis-sold your pension plan. Thankfully, taking action is now easier than ever.
Our dedicated team have years of experience in helping customers claim money from mis-sold pension plans. Fill in our claims form and one of our specialists will be in touch shortly to help you claim what is rightfully yours.