Has your SIPP provider cost you thousands? Here’s how to find out

Self-Invested Personal Pensions (SIPPs) offer control over your retirement savings, but not all providers play fair. High fees, risky investments, and outright collapses have left thousands of pension holders out of pocket. If your provider is underperforming – or worse, has gone bust – you could be owed compensation. This guide breaks down:

• Has your SIPP provider put you at risk?
• Is your SIPP provider quietly draining your pension?
• Should you transfer out of a bad SIPP?
• Which SIPP providers have failed?
• Can you claim compensation for a bad SIPP?

Has your SIPP provider put you at risk?

Many people don’t realise their SIPP is draining their retirement savings until it’s too late. Even if your provider hasn’t collapsed, hidden fees, bad investments, or poor management could mean you’ve lost money without knowing it. Here are some red flags to look out for:

• You were encouraged to transfer from a secure workplace pension
• You’ve been charged high annual fees that eat into your savings
• Your provider recommended high-risk, unregulated investments
• You’ve struggled to withdraw or transfer your money
• Your provider has collapsed or is under investigation

If any of these sound familiar, your SIPP provider could have cost you thousands – and you might be able to claim compensation. Speak with a member of our team for expert advice now!

Is your SIPP provider quietly draining your pension?

Think your pension could be costing you more than it should, keep your eye out for the following:

Fees that eat away at your savings

Think you’ve got a low-cost SIPP? You might want to check the small print. Some providers stack up hidden charges, including:

• Annual fees that don’t match performance
• ‘Admin costs’ disguised as transfer fees
• Exit fees so high you feel trapped

Bad investment advice

SIPPs give you the freedom to invest, but some providers push high-risk schemes that aren’t in your best interest. Watch out for:

• Unregulated property developments
• Corporate bonds that promise the world but deliver nothing
• Funds with a history of high fees and poor returns

Customer service that disappears when you need it

A good provider should pick up the phone. A bad one? You’ll get:

• Weeks of silence when you ask simple questions
• Confusing fee structures that don’t add up
• Blocked transfers that make it impossible to leave

Noticed any red flags for yourself? You could’ve been mis-sold your SIPP. Take action now with Spencer Churchill Claims Advice. We specialise in mis-sold pensions and SIPP claims, and will get the money you deserve. Get in touch!

Should you transfer out of a bad SIPP?

Moving to a low-cost, well-managed SIPP sounds obvious, but transferring can be risky. Before you do anything, double-check to see if your provider:

• Is charging high exit fees
• Has locked your pension in long-term investments
• Is under regulatory investigation

Switching providers could save you money, but making the wrong move could cost you even more. Always speak to a regulated financial adviser before transferring.

Which SIPP providers have failed?

Some SIPP providers have collapsed due to mismanagement and regulatory breaches, leaving customers with major losses. If your pension was with one of these firms, you may be eligible for up to £85,000 in compensation through the FSCS.

Hartley Pensions – Administration failures and poor oversight

Hartley Pensions ran itself into the ground with poor investment decisions and regulatory blunders. If you held a SIPP with Hartley, FSCS payouts may be available.

Mis-sold Hartley Pensions claims.

Rowanmoor Pensions – Regulatory breaches and mismanagement

Rowanmoor Pensions ignored the rulebook, made reckless investment choices, and paid the price – and, unfortunately, so did their customers. If they dragged your pension down with them, you might be able to get your money back.

Berkeley Burke – Unregulated, high-risk investments

Berkeley Burke let customers pour their pensions into dodgy, unregulated schemes that collapsed spectacularly. If they failed to warn you about the risks, you could be owed serious compensation.

Mis-sold Berkeley Burke SIPP claims.

Liberty SIPP – Failed due to unsuitable investments

Liberty SIPP made it far too easy for customers to end up in risky, poor-performing funds, and unsurprisingly, the whole thing fell apart. If your pension was caught in the mess, the FSCS could help you recover your losses.

Mis-sold Liberty SIPP claims.

Lifetime SIPP – Excessive exposure to risky assets

Lifetime SIPP went all in on high-risk, high-volatility assets, and when it all went south, customers were left counting their losses. If your pension was part of the fallout, you could be owed thousands.

Mis-sold Lifetime SIPP claims.

Can you claim compensation for a bad SIPP?

If your Self-Invested Personal Pension (SIPP) has cost you money due to dodgy advice, high-risk investments, or a provider going under, there’s good news. The Financial Services Compensation Scheme (FSCS) could help you reclaim up to £85,000 if your SIPP provider has collapsed.

And if you’re dealing with a mis-sold SIPP – whether you were pushed into risky investments, hit with hidden fees, or simply given poor financial advice – the Financial Ombudsman Service (FOS) might be able to set things right. They investigate cases where pension providers or financial advisers have led customers down the wrong path. If they rule in your favour, you could be owed compensation.

You could have a claim if:

• Your provider collapsed, leaving your retirement savings at risk
• You weren’t warned about high fees, risk levels, or dodgy investments
• You were pressured into transferring out of a secure workplace pension
• Your SIPP was placed into high-risk investments without your full understanding.

Think your SIPP provider has let you down? It’s time to act.

If your personal pension provider has cost you money through bad advice, hidden fees, or high-risk investments, you could be owed compensation. We help clients claim back mis-sold pensions and recover losses from failing SIPPs.

Check if you have a claim today – no win, no fee!