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Mis-Sold SIPP by Marks and Spencers Pension Schema? Get Your Free Claim Check

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Although now closed to new members, the Marks & Spencers defined benefits pension scheme offered some excellent retirement benefits for those lucky enough to have been awarded one before 1 April 2002.

Like many defined benefits pension schemes, the Marks & Spencers scheme promised a guaranteed income in retirement, based on career earnings and length of service.

The key bit here is “guaranteed income”, for life! In an uncertain world where the value of investments can rise and fall, and recession often seems round the corner, that’s a valuable promise to many people, giving them peace of mind knowing they have an income to look forward to.

Yet people do transfer away from pensions like the Marks & Spencers defined benefits pension scheme… why?

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Many people with defined benefits pensions get told this at some point, usually by a financial adviser or marketing company – either one of which would likely earn fees or commission if you did.

It’s true that some people have managed to earn more money by choosing their own investments, but its also true that many people have transferred their pensions only to lose some or all of their money on a volatile and often merciless investment market.

You see, while that money was with the Marks & Spencers pension scheme or other type of defined benefit scheme, the risk predominantly rested on the shoulders of the trustees.

If you took the money out, then you took on the risk too.

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Can you Make a Claim?

To try to protect people from making the wrong choice over their defined benefits pension schemes, the regulator (FCA) sets down strict rules for financial advisers to follow when dealing with potential pension transfers:

They must assess each enquiry on a case-by-case basis, starting from the assumption that a transfer is the wrong decision. Only in rare circumstances, such as a life-shortening diagnosis with no spouse or dependents to look after, might it be considered suitable to transfer such a pension.

If you transferred a Marks & Spencers final salary pension, then you may have been mis-sold a pension transfer and you could be able to make a claim.

You can talk to a case assessor from Spencer Churchill Claims Advice to help find out! We offer a FREE initial assessment to anybody with concerns – it could be that you can make a claim with no upfront costs!

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

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Ready To Make A Claim?

Think you’ve been mis-sold your Marks & Spencers Pension Scheme? Click below to take the first step to making a claim.

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What Makes A Pension Transfer Mis-Sold?

Moving a final salary or other defined benefit pension is rarely advisable, except in certain situations. While moving your pension may earn your adviser big fees and commissions, you may lose more than you hoped:

Do you know how people complained about mis-sold investments and pensions in the last year?

A lot. Over twenty thousand complaints were made about mis-sold pensions and investments in 2020/21, a figure which had doubled since the year before.. It’s no secret how serious this problem is, and it just seems to keep getting worse.

People receive poor financial advice every day. Sometimes they don’t even realise that they’re owed whopping amounts of compensation.
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Have You Been A Victim Of Financial Mis-Selling?

Answer a few questions and find out if you have good grounds to make a financial compensation claim:

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Were you told to invest all, or most, of your savings into a single product?

Reaching out for help is never easy,
especially if you’ve been misled in the past.

But getting in touch with us won’t commit you to anything. We want to toss you a lifeboat and guide you through the choppy waters of the financial ocean, not leave you struggling to stay afloat. Our experts are here to offer advice and support on financial claims. We know what we’re doing and you can trust that if you’ve got questions, we’ve got answers.

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Speak to an expert today

We have decades of experience in helping people claim back money that is rightfully theirs. Whether you want to make a mis-sold pension claim, have questions about a mis-sold investment, or you’re just looking for some advice you can trust – we’ve got you covered. Reach out to our team today for a no-obligation, completely free chat. 

Call: 01204929929

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