No Win No Fee Pension Claims
If you confirm you were mis-sold pensions, do not blame yourself. Financial advisers like to try and take advantage of your knowledge vulnerability to egg you into personal pensions. True enough, your sentiments against employers’ pensions are understandable.
With many companies unable to provide their defined benefits, you definitely will think the alternative of self-invested personal pensions (SIPP) is better.
However, it only is if you understand what it can give you. Here is a good comparison of the two pension types.
SIPPs work like stock or business investments. The money you invest will grow if the investment vehicles work as expected.
Employer’s pensions are business-performance reliant. If the business performs poorly, it is unlikely to provide its defined contributions or benefits.
SIPPs give you the best opportunities to grow your money without any restrictions. In fact, you can use your pension money to invest and make it grow.
However, SIPPs are high-risk investments. Whether regulated or unregulated collective investment schemes, they will carry a default risk. In fact, no investment fund will guarantee results — they will only provide their estimated results.
Unfortunately, unregulated funds do not even deliver any yield close to its promised estimates. While you paid good money to get good financial growth, you have no legal backing due to lack of fund regulation. Therefore, the risk is higher if you use unregulated collective schemes.
Employer pensions are restricted to the business’ performance and profits. You have no say in the pension terms because you agreed to let the business handle it. Every contract signing stipulates that you agree automatically to their pension systems and wages presented.
If you want to grow your pensions, you will want to add an SIPP alongside your existing employer pensions. While quite an expensive route, your chances of having sufficient pensions improves by a mile.
The law binds employers and businesses to provide the defined contribution, benefits, or both for their employees. Failure to do so allows employees to exercise their legal rights to obtain rightful compensation.
Therefore, all employer’s pensions will deliver the promised benefits and contributions defined in the contract. It is more stable and reliable than SIPP figures, and it will deliver on its promise even if there are possible delays in doing so.