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“I am extremely grateful for what your claims team has done for me, without your help and advice I would never have done anything regarding my SIPPS Pension, I would never have thought the outcome would be as it was. I would definitely recommend your company – Miss M

“I’d like to thank all the staff. Thanks to you all I can now see a future when I retire. I was very anxious and lot of stress has been lifted. It was an absolute pleasure dealing with you all and I am more than satisfied with the outcome” – Mr. L

“I can’t fault your services it has been a complete pleasure dealing with yourselves. I thought I’d lost all my pension money and I can’t thank you enough, not only for winning my pension claim but for showing me I can now relax into retirement.” – Mr P

The mis-sold pensions scam was a huge thing about 3 decades ago in the UK. In fact, the number of mis-sold pensions reached such overwhelming levels that the government was forced to step in to prevent further damage. The pensions misspelling controversy was going on even late into the 90s until it eventually disappeared. Unfortunately, because people have such a short memory of the errors of history, the UK is now set to repeat those errors once again. As a wise man once said those who do not know history are doomed to repeat it. Fortunately, this is the age of blazing fast information dissemination, and everything is much easier to verify from multiple authoritative sources. Therefore, you do not have to become a victim of mis-sold pensions as long as you tread carefully and do not allow yourself to be quickly led into this new and rising scam.

The Scandal of The 1980s mis-sold pensions

The mis-sold pensions scandal was first introduced back in the 1980s. At a glance, it was really quite simple. People were being encouraged by the government to invest their government pension plans or State-Earnings Related Pension Plans (SERPS) into private plans with seemingly more benefits and easier rates of payment. The main reason for this is that back in 1988, the government wanted to reduce the growing number of people depending upon the government for their pension plans. Due to the massive advertising campaign launched by private insurance companies and the seemingly promising future of private pension plans, millions of people opted out of their SERPS into private plans. As the years went by however, it became obvious that many of these private pension plans had less benefits and no guarantee of returns when compared to the original SERPS. People mostly opted out of their SERPS at this time after being enticed by agents and advertisements. This resulted in millions of mis-sold pensions with some people who have still not recovered even today.

mis-sold pensions

Have You Been A Victim?

Do you believe that you may have been a victim of the new mis-sold pensions scam? If you have opted out of your company pension plan into a private plan, you should check carefully because this may be a sign of a pension miselling. Your first course of action is to complain to the compliance officer who gave you the advice on your personal pension plan in the first place. Don’t just orally complain however, when we speak of complaint, it means a complaint made formally in writing, dated and signed by you, and with an extra copy/copies to make it future-proof. The company will then be required to properly respond to your complaint and deal with the issue at hand.

However, just in case you feel that the handling of the procedure is unsatisfactory, you still have a legal remedy by going to the Financial Services Authority directly with your complaint.

Mis-sold pensions New Pension Freedoms

The new mis-sold pensions scam arose out of the new pension freedoms granted in 2015. This gave pensioners the freedom to drawdown as little or as much of their pension pot as they wanted. As a result, defined benefit transfers skyrocketed because of the extremely appealing transfer values.

If you’ve got any questions regarding this or you’d like to know more about making a claim, please call out team on 0161 850 9069.

 

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