If you are reading this article, you likely had a mis-sold a pension or you feel you might be the next victim.
But if you were a victim of mis-sold pension, then you are already in the right company. Many claims have been made already, and it is believed that the total payout could be around €10 billion. Thankfully, some of this money might be owed to you. You have to take the right procedure to get your money back.
How to Tell if You Are a Victim of Mis-Sold Pension
Cases of mis-sold pensions are on the rise. If you suspect that you are a victim of mis-sold pensions, then that could be good enough to set the ball rolling. For this process, a specialist might come in handy, and you will not have to pay anything to get their services. If any of the things below happened, then you should get claims advice.
. If the contact was initiated through a cold call
. If the financial advisor didn’t consider your circumstances before issuing a recommendation
. If you were urged to transfer funds from your workplace SIPP
If any of the things above happened, then see how you can get claims advice as soon as possible. Putting claims on mis-sold pensions is possible, but it is quite an uphill task. The earlier you start, the better.
Are SIPP Claims and QROP Transfers Time-Sensitive?
If you are looking to make SIPP claims or QROP transfers, you should know that there is an element of time that has to be put into consideration. It is a general rule that each individual must make a claim within six years from the time the final salary pension transfer occurred.
There are rare cases when you can be allowed to claim the ombudsman after the set deadline. But this must be within the three years that you could have known that you have a complaint to rise. Time has a similar effect on SSAS pension claims and QROP transfers.
How to Make Mis-Sold Annuity Claim
There are two main options that you can go by depending on the effort you are ready to invest, and the amount of money you are ready to pay for a successful annuity claim.
Depending on how you feel the instance of mis-sold annuity occurred, the amount of work on your end will vary.
It might encompass talking with your scheme provider, the ombudsman, the Pension Advisory Service, or even the Pension Protection Fund. There are some instances where you are advised to contact all of these bodies.
Finding the Scheme Provider
In case your SSAS was transferred out to a SIPP, then you can approach your scheme provider. In case an IFA advised you to switch, it won’t hurt if you tried to contact them. It is hard to know the right person to contact in the initial stages, but it will become clearer as you move on.
Making Annuity Claims
After you have identified the source of the bad advice, you can go ahead and make annuity claims on the wrong final salary pension transfer. Note that this also applies to defined benefit pension, as long as the advice was issued on the wrong grounds.
You need to inform them that you are convinced that you mis-sold your defined benefit pension and are looking to be compensated. If you are not sure how to do this, several online templates can help you draft a persuasive letter. If you manage to track down the organization and they admit what they did and agree to pay, your problem will be solved.