No Win No Fee Pension Claims
Financial advisers and scammers had mis-sold pensions to tens of thousands of UK employees.
If you moved into a new self-invested personal pension (SIPP) upon a Financial Adviser’s recommendation, then they may have mis-sold pension on you.
SIPPs are effective pensions. However, this is only if its benefits, contributions, and investment mechanisms are clear. Most advisers and scammers will stress employees have better freedom with SIPPs.
In fact, this is true. However, some occupational pensions offer better benefits for employees. Here are thre e compelling reasons occupational pensions are better.
Employers guarantee the benefits or contribution of pensions. Despite the negative news on employee pensions from top companies, these companies will liquidate assets to pay off promised pensions.
The Financial Conduct Authority and the UK’s Pensions Regulator makes sure employees pay. On the other hand, personal pension funds are often unregulated collective investment schemes (UCIS) promising rich returns.
Therefore, if you compare both, occupational pensions will always remain most beneficial to you.
SIPPs are most valuable when you are moving from your old job to start a business. Your old pensions will still pay benefits once it reaches maturity. In addition, your SIPP will pay its benefits upon its maturity.
This makes it useful when you need to retain your pensions value during your transition phase such as starting the business without pay.
However, each employer will always have an occupational pension scheme. As mentioned in reason one, this pension will always be better if you compare its benefits to SIPPs.
Therefore, it wouldn’t make any sense for financial advisers to recommend against employer’s pensions especially if you plan to stay in the same job.
Self-investment personal pensions are useful. They guarantee a speculated contribution upon your retirement.
However, UCIS will never make its benefits clear. In fact, it blinds customers with its speculated high investment returns. Pensions-disgruntled employees will likely focus on the speculated returns rather than research on the fund’s legitimacy.
FCA-regulated collective investment schemes operate under strict guidance. Therefore, you might get lower speculative returns, but the yields are close to its promised value.
Majority of SIPP investors never realize they were mis-sold pensions. If you believe your financial adviser pushed you into one, then you can claim for mis sold pension redress.
Remember, there is third-party help available in case you do not have time and resources to spare to reclaim tens of thousands of pounds in investments.