Pension Claim FAQS

Spencer Churchill Claims Advice’s processes are based around our clients, and our no upfront costs customer journey usually looks a little like this:

• Take a Free Initial Assessment on the phone so our specialists can identify if it looks like you were mis-sold and can take the claim forward.
• Decide whether you want to take things further: If we think you’ve been mis-sold, we can take you assessment further with a specialist case handler (again, on the phone).
• Should it be a case we can work with, we will then offer to fight your claim on your behalf, with no upfront costs. We’ll send our fact-find, our terms of business and some LOAs to your address for you to sign if you want to go ahead.
• Leave it with us: We’ll then get busy gathering the information, supporting documents and building your case, before taking it to the relevant party to make sure it gets the attention it deserves.
• Results: We’ll chase down your results. In the event that we don’t win your case, then there’s no charge.

Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.

*Figures calculated before deduction of Success Fee and taxes

We’re pleased to say we have experience in mis-sold pension claims, and recovered money on behalf of our clients.

The timeframe varies depending on the complexity of the case. FSCS claims typically take 6–12 months, while Financial Ombudsman cases may take longer if the firm disputes liability. We handle the full process, so you don’t have to worry about delays. Start now to get your claim moving today.

We only ever work on a no upfront fee basis

You can read more about how the success fee works in our Terms Of Business.

Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.

*Figures calculated before deduction of Success Fee and taxes

Registered Offices: Spencer Churchill Claims Advice, Peter House, Oxford Street, Manchester M1 5AN Company Registration: 09051424.
Spencer Churchill Claims Advice is regulated by the Financial Conduct Authority Reg No. 831103. You can check this on the Financial Services Register by visiting the FCA’s website http://fca,org.uk/register or by contacting the FCA on 0800 111 6768

Spencer Churchill Claims Advice is registered with the Information Commissioner (ICO) Registration Number ZA187898.

We’d love to give you an accurate idea of how much compensation your case is likely to win, but the truth is that it all depends on how much money you have lost, and who gave you the negligent advice where applicable.

We will however, always be looking to win you the maximum amount we can to help you recover any losses.

Some reference points you might find helpful:

• We’re pleased to say we have experience in mis-sold pension claims, and recovered money on behalf of our clients.
• The maximum amount the FSCS will award each claim is £50,000.

If you win compensation for your case, either from a Financial adviser, pension company, PI company, or through the FSCS or FOS, the monies will first be paid into our Laywer’s account, and then sent to you.

Pensions are notoriously one of the most complicated aspects of financial advice.

Many feel that it’s a jargon and rule-stuffed minefield, and because of this, many people like to speak to somebody who knows their stuff.

If you are worried that you may have been mis-sold, you can speak to an experienced case assessor on the phone, as part of our free initial assessment. 

It’s a chat with somebody who knows about pension mis-selling, who can guide you through to finding out if you may have a claim.

Don’t worry, even if you take our initial assessment there’s no obligation to make a claim with Spencer Churchill Claims Advice, although if we think you’ve got a claim, of course we’ll probably offer our claims services with no upfront costs – the choice is yours!

The list of reasons is endless, but usually it comes down to one of two things:

• Negligence
• Greed

Negligent financial advice is where a regulated financial adviser gets it wrong, and suggests that you take an action over your pension that leaves your worse off.

This could be transferring a Final Salary pension when you would have been better off leaving it where it was, or transferring to a SIPP full of high-risk investments you weren’t suitable for.

Greed can be a factor too. Thousands of cold-calls have been made to people to earn commission for selling bad pension transfers, usually offering a free pension review.

Either way, our team of specialists are great at finding the cause of mis-sold pensions, and where possible, fighting for a claim to recover any losses you may have experienced as a result of bad financial advice.

It depends on who mis-sold your pension in the first place.

In most of the cases we deal with, it is a negligent financial adviser who is at fault.

They are (or should be) the first place we take a claim to, as if the claim is valid (and they agree to pay compensation), they will be the ones to pay the claim (or their PI insurer).

But as you can probably imagine, most of them don’t roll over and cough up compensation easily.

This means taking it to the Financial Ombudsman Service – an authority that can force advisers to pay compensation if they deem to them be at fault.

But…

Many financial advisers who mis-sold peoples’ pensions didn’t stick around long after being caught out, and may close up or go into liquidation, making them unable to pay any more claims.

That’s when the FSCS often steps in to pay compensation on behalf of the company, but only to a maximum of £50,000 per claim.

A Self-Invested Personal Pension is a type of private pension that allows a greater range of investments.

Because many SIPPs allow high-risk investments, they are often mis-sold by financial advisers who failed to consider whether the investments were suitable for their client, therefore exposing them to more risk than is suitable for them.

IFA stands for Independent Financial Adviser – a firm that should be qualified to give financial advice, and is regulated by the Financial Conduct Authority (FCA) to give that advice.

You can check if a company is regulated by the FCA by looking on the FCA register.

Always check that you are dealing with a regulated financial adviser before taking action over your pension – there are some sharks out there!

Easy and common mistake.

SERP: State Earnings-Related Pension – an old government-ran pension scheme that finished in 2002.

SIPP: Self Invested Personal Pension – a private pension that allows holders to take control over what they invest their pension in.

Spencer Churchill Claims Advice deals with Mis-Sold SIPP claims, but doesn’t handle SERPs.

A SIPP Administrator / Provider is a company who “manages” your SIPP pension for you. They should keep you regularly informed of the value of your pension, and make you aware of any changes to it.

You will likely pay them a regular fee.

Compensation awarded specifically for mis-sold pensions is not taxable, however you may wish to consider your other financial obligations and situation. Mis-sold Endowment compensation on the other hand may be taxable as it may be connected to your home.