Have you been mis-sold a pension a pension recently? Actually, do you feel that you have been mis-sold a pension at all? It may not be quite obvious and it can be hard to tell whether or not you have actually been mis-sold a pension, but if you feel that a pension misselling has occurred, then you really need to take action. Do take note that the previous statement wasn’t meant to pressure you. However, if you are inactive and sleep on your rights, then you may one day find that your legal claim to an actual mis-sold a pension has already prescribed. Therefore, it is first necessary to understand exactly what a pension misselling is in order to determine whether or not you have actually suffered from being mis-sold a pension. There are certain indicators that you could check in order to find out whether you have a possible claim for pension misselling on your hands.
Indicators Of A Pension Misselling
The basic violation in pension misselling is that of misinformation which leads the victim to take action. Basically, it’s a type of fraud. In the case of a pension that has been mis-sold, you should try to remember whether you have transferred any funds out of your original employer’s pension plan and into a private pension plan. Secondly, was your decision influenced by a financial advisor or perhaps an agent of the private company offering the pension plan? The very fact that you transferred funds out of your employer’s pension plan into a private pension is actually already an alarm bell of a mis-sold pension.
If you switched careers or transferred from one company to another recently, then you really have no choice but to stop contributing to your original employer’s pension plan. However, did you know that the funds that you have already accumulated do not need to be touched or transferred to any new plan? You can simply keep the funds already accumulated in your original pension plan and start contributing to your new private or company pension plan. This will not affect the benefits that you have already accumulated with your previous contributions.
Mis sold pension – Talk To Your Provider
If you suspect that you may have been a victim of some form of financial misselling, then your best bet is to go directly to your provider. You need to state a formal complaint about the financial misselling and put it into writing. This will prompt the provider to investigate and take action on your case. The same is true if you are under an occupational pension scheme. You need to write a complaint to your managers or trustees and ask them to respond through their internal dispute resolutions procedure.
What If My Case Isn’t Being Handled As Well As I WOuld Like?
Do not lose heart if you feel that you case is being ignored or if the response is taking too long. This is also true if you feel that the resolution was not favorable for you. You may state your complaint with the Pensions Ombudsman if your complaint involves personal pension or an occupational pension scheme. Talk to a reputable pensions misselling solicitor if you need solid legal advice on the matter.