Mis-sold SIPP pension claims
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What is a SIPP pension?
A SIPP (Self-Invested Personal Pension) is a type of personal pension that offers more control over how your retirement savings are invested. Unlike traditional pensions, which are managed by a provider or employer, a SIPP allows you to choose where your money goes (e.g. stocks, shares, commercial property, etc.)
SIPPs are designed for people who are confident in making their own investment decisions or who are working with a financial adviser. Because of this added flexibility, SIPPs tend to carry more risk, especially if the investments are high-risk or unregulated.
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What is SIPP mis-selling?
SIPP mis-selling is when someone is advised to transfer their pension into a SIPP without being properly informed of the risks involved. In many cases, the advice was unsuitable for the person’s needs or financial situation.
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What organisations have been involved with mis-sold SIPPs?
A number of financial advice firms and SIPP providers have been linked to mis-selling, including:
Many of these companies are now shut down or have been declared in default by the Financial Services Compensation Scheme (FSCS), which lets their former clients make a compensation claim against them.
What products are involved in mis-sold SIPPs
Mis-sold SIPPs often include investments not regulated by the Financial Conduct Authority (FCA) and not suitable for most pension savers. These are often presented as high-return opportunities, but in reality, they carry a serious risk of loss.
Some common examples of high-risk SIPP investments include:
- Overseas property developments
- Hotel resorts and holiday complexes
- Green energy schemes
- Storage pods and container investments
- Forestry or agricultural land
- UCIS (Unregulated Collective Investment Schemes)
Can I get compensation for a mis-sold SIPP?
If you were advised to transfer your pension into a SIPP and later discovered it wasn’t right for you, you may be able to claim compensation.
Many people have already recovered money after being mis-sold high-risk or unsuitable SIPP investments, especially when they weren’t properly warned about the risks involved.
How to make a mis-sold SIPP claim
If you believe you were mis-sold a SIPP, here’s how you can make a claim with Spencer Churchill Claims Advice.
Ready to make your mis-sold SIPP claim?
If you’ve lost money after moving your pension into a SIPP, we’re here to help you find out if you’re owed compensation.
Our pension claims specialists will take care of everything with simple, straightforward advice. Call us today on 01204 929929 or fill out our quick online contact form to get started.
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We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
When you get let down by someone you thought you could trust, it can leave its mark on you, emotionally and physically.
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Don’t let a mis-sold SIPP derail your future. Take action now – call us for a free, no-pressure review and see if you could be entitled to compensation. No upfront costs, just honest, straightforward advice.
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Mis-sold SIPP FAQs
How do I get my money out of a SIPP?
You can start taking money from your SIPP once you reach the minimum pension age, which is currently 55. You may choose to take a 25% tax-free lump sum and the rest through income drawdown, lump sum withdrawals, or by purchasing an annuity.
Can I leave my SIPP to anyone?
Yes, you can nominate one or more beneficiaries to inherit your SIPP when you pass away. This could be a spouse, partner, child, or another individual.
The SIPP provider will usually ask you to complete an ‘expression of wish’ form to record your preferences.
How the SIPP is taxed on death depends on your age:
- If you die before 75, the funds can usually be passed on tax-free.
- If you die after 75, your beneficiaries may pay income tax on the amount they receive.
How do I request a refund on my pension?
You can’t request a “refund” on a pension in the same way you might return a product, but if you believe you were mis-sold a pension, such as a SIPP with high-risk or unsuitable investments, you may be able to claim compensation.
Can I claim for a mis-sold SIPP?
Yes, you may be able to claim compensation for a mis-sold SIPP. This is a type of self-invested personal pension (SIPP) that is often sold to people who are not experienced investors.
What are some examples of mis-sold SIPP investments?
Common examples of mis-sold SIPP investments include:
- Overseas property developments
- Green energy projects
- Storage pods
- Unregulated investment schemes
If your SIPP included any of these, you may have a valid claim for compensation.
Is there a time limit for claiming compensation for a mis-sold SIPP?
There is a time limit for claiming compensation for a mis-sold SIPP. Typically, the cut-off date is six years from the date of the advice or three years from when you became aware of the mis-selling.
Do you know how people complained about mis-sold SIPP 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.
Have you been a victim of financial mis-selling?
Don’t wait to claim your SIPP compensation.
We’ve seen firsthand what mis-sold SIPPs can do to your future plans. Don’t leave your money on the table. Our team knows the ins and outs of these cases and is here to help you claim back what’s yours. Call us today for a free, no-pressure chat – you’ve got nothing to lose.
Could your SIPP provider, introducer, or investment be at fault?
In many cases, mis-sold SIPPs involve mistakes by introducers, providers, or the investments themselves. Here’s how they might have let you down:
- Introducers – Firms like Financial Page Ltd have offered misleading pension reviews or poor advice, setting you up for trouble.
- Investments – High-risk schemes, like storage pods or overseas property developments, are common culprits for financial losses.
- Providers – Companies like Hartley Pensions Ltd have faced issues with regulatory breaches and questionable practices.
If your claim involves any of these, we can help you recover what you’ve lost. Contact us today for expert advice.
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- Speak to you in plain English
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