No Win No Fee Pension Claims
Pensions mis-selling have been happening for years. However, the media only found about mis-sold pensions in recent months.
Thousands of people investing in self-invested personal pensions (SIPP) truly improved their benefits for the future. However, majority were subject to the mercy of unscrupulous financial advisers and scammers.
To avoid mis sold pension problems, learning more about it is your first line of defence. Here are five crucial facts to help you traverse the world of personal pensions effectively.
A report last 10 July 2018 indicated that the SIPP market has grown by 55% from £1.5 billion in 2016 to £2.4 billion in 2017.
In fact, the market is set to grow at a high rate. GlobalData, who published the report, believes the market can grow at a £1.8billion yearly growth to 2020.
What does this mean for pensioners?
It will seem attractive to invest in SIPPs. In fact, many financial advisers will urge you to consider personal pensions. They’ll advertise it grants pensioners more freedom and better investment growth.
However, GlobalData’s report also mentions complaints are also on the rise. The Financial Ombudsman Service’s (FOS) report indicates a 37% annual increase in complaints.
The more success stories there are with SIPPs, the more leverage financial advisers and even scammers have on unsuspecting employees.
Employees are clearly disappointed with the pension failures of the last few years. In this light, SIPP looks like a better solution. In fact, it does place the power on employees.
However, employees who perform factual research have knowledge against the sweet deals that lead to mis-sold pensions financial advisers advertise.
Remember, financial advisers who work on a commission basis will likely want to increase work volume. Unless you’re working with a fixed-rate adviser, it pays to watch your back with SIPP advice.
Tens of thousands of people had found success with SIPPs. However, tens of thousands discovered the difficulties and troubles of mis sold pension deals.
Personal pensions do provide greater opportunities for investment growth. Unfortunately, anyone who heavily relies on their financial adviser’s knowledge will fall prey to mis-sold pensions.
Luckily, you can make a claim with the FOS as you would with any financial complaint. It might take a while, but you will get your refund.
Tens of thousands of SIPP investors did not find the financial adviser’s investment advice suitable for their needs. Therefore, he or she left them in the dust. In consequence, the financial adviser enjoyed his or her commission bonus.
In fact, claiming with the FOS with precise facts will get you up to £150,000 in refunds. If you’ve paid for a holiday-home development investment failing to guarantee returns, the FOS may charge the business this particular maximum amount.
In addition, the success rate of SIPP complaints had increased by 37% in 2017-2018. As a matter of fact, the FOS upholds 52% of SIPP cases.
Indeed, claiming mis-sold pensions will involve lots of paperwork. In fact, you may need to take an entire week off your work to get started.
Fortunately, there’s third-party help available. In fact, they offer free consultation and estimates on the pension refunds you can receive from a successful complaint.
Consider this option only if you truly cannot address your pension complaints due to a lack of time.