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The Financial Ombudsman Service (FOS) has recorded another jump in complaints about SIPP pensions in the quarter leading to December 2018, new figures show.
The 27% per cent increase saw complaints rise from 777 in the previous quarter, up to 1,029 complaints leading to December for mis-sold pension claims.
SIPP mis-selling in the press
While the SIPP mis-selling scandal has been ongoing for over a decade, more and more people are now becoming aware that their pension is in peril as more and more widely mis-sold high-risk investments have gotten into difficultly in https://getclaimsadvice.co.uk/mis-sold-pensions/sipp-claims/recent years.
The Times recently reported on the scandal, and campaigns from the FCA’s Scam Smart division may have also added to the growing public awareness of the issue.
A new mis-selling scandal
But if it’s taken over a decade for SIPP mis-selling to really get noticed by the general public, how long will it take before people realise that their Final Salary pension transfers may have been mis-sold, too?
Final salary pensions are considered to be safe and valuable. But despite this, many people are persuaded (often wrongly) that they would be better off trading in a guaranteed income in retirement to take a gamble on the investment market, causing them of transfer away.
The number of pension transfers away from such schemes has seen a steep rise in recent years since 2014, with transfers more than doubling between 2016 and 2017 from £7.9bn to £20.8bn.
If you transferred a final salary pension, you may have lost valuable benefits and put your retirement fund at unnecessary risk. Find out if you can make a claim with a free chat with a Spencer Churchill Claims Advice case assessor.