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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

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“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

Do you have any concerns about a mis-sold pension? Perhaps you are in the market for some pensions misselling legal advice? Actually, one of the best pieces of pensions misselling legal advice that we can give you is to be pro-active and to make a complaint directly with the financial adviser who gave you the bad financial advice or otherwise to take your claim up against the company that sold you the pension in the first place. They must give your complaint due course or otherwise, an actual legal claim for pensions misselling arises.

Pensions misselling legal advice – Transferring Your Pension

Another good piece of pensions misselling legal advice that we can give you is to think twice, thrice, or even quadruple times before you transfer out of your defined benefit pension scheme. This is the pension scheme that your employer provides you by default. If a financial adviser has advised you to transfer out of your defined benefit pension to a personal pension plan based on the premise of the personal plan having more benefits, then you really need to take action and check because you may have already been a victim of pensions misselling. This is especially true if you were convinced to transfer into a self-invested personal pension plan wherein you are given control (but it is usually your broker or financial adviser who decides where to place your investments in) over your investments. Learn from history because this is not the first time that this has happened and there are cases for mis-sold pensions in recent times as well such as the case the British Steel Workers’ Pensions wherein many of them were convinced to switch to SIPPs.

 pensions misselling legal advice

This case happened in November of last year. The British Steel Workers were given a deadline to either use the British Steel Pension Scheme, the Payment Protection Fund, or to opt out into a third party pension scheme. Naturally financial agents representing third party companies jumped upon this opportunity to snatch up new clients. The result is that many Steel Workers felt that they jumped the gun too soon and that it was because they were given bad financial advice. This gave rise to a group action for financial misselling.

Pensions misselling legal advice – History Repeats Itself

While the British Steel Workers case erupted all over the media and is definitely still big news today, the reality is that this is not the first time that a wave of pensions misselling issues has flooded the UK. In fact, it was much worse in the past – unfortunately, many of us have a short-term memory when things happened as early as in the 1980s. During this period, the government was encouraging people to transfer out of their state pension plans and to seek out other pension plans by giving them full control over what to do with their current state pensions and to withdraw and transfer out as much of their pots as they wanted to. This resulted in thousands of people moving their pension pots from their state pensions into self-invested personal into self-invested personal pensions as well as other pension schemes sold as third-party financial products. This was known as the pensions misselling scam of the 1980s.

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.