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Mis Sold Pension Plans
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Banking Claims » Mis Sold Pension Plans


There any many reasons people may have been mis sold their pension and we will cover the main reasons below and highlight some of the people and occupations that are most likely to have been missold.

The most common reason people have mis sold pensions is if they were a member of a Final Salary Pension Scheme and have transferred this to a money purchase scheme whether they have left their employer or not. This must have been done on the advice of a Financial Advisor whether tied or independent and must have taken place after April 1988.

 

  • People with Final Salary Pensions included
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  • Civil Service Pensions
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  • Railway Pensions
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  • Teachers Pension
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  • Police Pensions
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  • NHS Pension
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    If you were a member of any of these pensions above or any other Final Salary Pension Scheme and have transferred it then the possibilities that you have been missold are very high and you should contact us today to find out more.

    For people who have been or are in a Final Salary Pension and have FSAVCs then they may have also been mis sold if AVCs were available to them at the time as for most it would have been more beneficial to have been a member of the AVC scheme and not FSAVC scheme.

    This is just an indication of people who may have a mis sold pension if they were a member of any of the pension schemes named above but it is not an exhaustive list and if you are unsure then get in touch with us to discuss your case in more detail.

    Mis sold Pension other reasons

    Pension misselling is not limited to people with Final Salary schemes and can also affect people who have money purchase schemes which include Personal Pensions, Stakeholder Pensions and FSAVC pensions. It can also affect people who have frozen pensions and have been encouraged to transfer them without proper analysis being carried out.

    If you have had a any of the above types of pension since 1998 and are unsure if you were missold the pension or pension transfer then contact us today to find out more.

    Mis sold Pensions Costs

    For most people they want to know what costs are associated with checking if they have been missold their pension both upfront and if they are successful and we want to be as transparent with this and the process for all our clients.

    We will not charge any upfront fees for looking into your pension and we do not have any hidden fees so you can be assured that you will not pay us anything unless we win your case which is commonly known as no win no fee service.

    We will ask you to pay 10 pounds to either the provider or to the Financial Advisor who sold you the pension so we can retrieve your file which will allow us to audit your case and in some cases we may ask for this to be done for both provider and Financial Advisor to check for discrepancies on the files. This means you total cost for having your pension audited to see if you have a mis sold pension will be no more than 20 pounds with no hidden costs.

    If after the audit we submit a claim on your behalf and win your case we will then charge 25% of the compensation awarded. There are no other charges at all as we want to be as clear as possible with our clients.

    Missold Pensions Process

    Many people also want to know how the process works and how long it will take so we will explain this as much as possible so there are no surprises.

    Firstly after the initial enquiry you will be sent a short claim pack to complete and return along with the 10 pound cheque, once we receive it back we will prepare and send the request to the provider or financial advisor within 7 days of receipt.

    The provider or advisor has then 40 days in which to prepare and send your file to us and in most cases takes the full 40 days. We will then review the file within 2 weeks and contact you during this period to clarify any information we feel may be unclear at this point.

    The next stage will be either to contact your previous pension provider especially if a Final Salary Scheme to get exact details of the scheme which again can take some time or submit a claim on your behalf if we feel the case merits this.

    If we submit a complaint on your behalf then the advisor or provider who ever the complaint is against has 8 weeks to respond and again in most cases they take the 8 weeks and on occasions will ask for an extension of another 2-4 weeks which we would generally grant them.

    If your complaint is not upheld at this point we would then prepare the case for the Financial Ombudsman which will generally take a further 2 weeks as we will require further signatures from you prior to submitting the case. If this course is followed then there is no time limit on how long your case could take at the Financial Ombudsman but in our experience it would be at least 12 months for a decision from the Ombudsman which is currently due to their workload of financial claims in all areas.

    Missold Pension claim Upheld

    If your claim is upheld either by the company or by the Ombudsman then the next thing you have to keep in mind is the length of time it will take your pension compensation to be calculated as this is not a straightforward calculation and often involves actuaries. This process can take anywhere from 6 weeks to 6 months to complete depending on how complex the calculations are but interest will be added until this calculation has been concluded. As you can see from this detailed description your missold pension enquiry can take some time from start to finish and you should not set your sites on a quick compensation payment. In our experience people should allow a minimum of 15 months from start to finish although we have had cases settle much quicker than this it is not our intentions to build up peoples expectations of a quick resolution.

    What happens if my missold pension claims is not upheld?

    If the provider or Financial Ombudsman does not uphold your complaint you still have the right to take your claim to Court if you feel strongly about it being missold but this can be another lengthy process and also a costly exercise and because the Ombudsman is impartial we would accept their final decision on the matter and advise all clients to do the same. We will not encourage clients to follow the Court route if all other avenues have been exhausted and not been held in favour of the client.

    We will also not take on cases for the sake of it as there is a tremendous amount of work involved in the whole process and we work on a no win no fee basis so we will not build up clients hopes if we believe there is no prospect of a case being upheld as it is not in the client or our interest to do so.

    How is mis sold pension compensation paid

    There are several ways in which mis sold pension compensation can be paid and this will be determined by your circumstances.

    If you have already retired compensation can be paid as a tax free lump sum direct to you, if you are fully funded in a final salary pension scheme it can also be paid direct to you and for most other compensation payments they will be paid into your pension fund so please bare this in mind.

    Compensation is calculated so that you would not have been financially disadvantaged had the advice never have taken place and can lead to thousands of pounds which can make a material difference to your standard of living in retirement.

    Pension Reviews

    For some people that had transferred a final salary pension in the past the FSA ordered a review of such policies in the late 1990s but we have already found evidence that some final salary pension transfers have been overlooked and many final salary pensions have been transferred since the review. If your pension has already fallen under this review and compensation awarded then no further compensation is due even although the calculations done at the time show most people are still disadvantaged today but the FSA will not change this decision as we have already approached them on this subject and they have stated that no further review will take place meaning thousands of people have and will lose out as a result of the FSA policy on this matter.

    Other possible missold Pensions

    With all the recent publicity surrounding harlequin pensions with people losing out and the estimated loss in total to be in excess of 200 million pounds there is hope for some of the people who were encouraged to invest their pension with Harlequin pensions.

    We believe if you were sold the Harlequin pension by someone who was regulated by the FSA then you may have a claim against them even although the sale would have been done on an execution only or non advised basis and this is the only real prospects of compensation to those who have invested in this type of pension policy at the moment.

    If you have invested in a Harlequin pension in the past and feel it may have been missold by someone who is regulated by the FSA then get in touch with us today on 01582 437070.