Mis-sold SSAS pension claim advice
Worried about a mis-sold SSAS pension? We’re here to support you through understanding and potentially claiming compensation.
We’ll have a specialist call you back for a no obligation chat about your financial claim.
Can I claim compensation for my mi-sold SSAS pension?
Sadly, SSAS pension schemes are often mis-sold. These types of pensions are designed for business owners and managers in small businesses to establish their own pension schemes but are often set up with malicious intent as a means of avoiding official regulations.
If you were advised to invest your pension into a risky scheme and your financial advisor did not outline the specific risks involved, or they received a large commission for giving you ill advice, you may have grounds for making a mis-sold SSAS pension claim.
At Spencer Churchill Claims Advice, we have experience in SSAS pension claims and many other types of mis-sold pension claims and always operate with no upfront cost.
Want to find out if you’re eligible to make a claim?
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
What is an SSAS pension?
A Small Self-Administered Scheme (SSAS) is a form of defined contribution pension scheme and is designed to provide benefits for key employees.
SSAS schemes can be self-managed by employers for small groups of staff (up to 12 people). SSAS pension schemes are usually set up by business directors in order to gain control over pension investments.
Find out now if you have a claim
How does an SSAS pension work?
An SSAS pension scheme may be provided by insurance companies or a form of pension provider. An SSAS pension scheme will be managed by its trustees who are often also members of the scheme.
Members of the SSAS pension scheme and/or the employer may contribute to the SSAS and contributions will have tax relief (depending on specific conditions).
These schemes are seen as advantageous to smaller, family businesses because they allow for more flexibility when it comes to pension investment. Members can also decide how they want their pension savings to be invested and can even invest pension funds into the business.
Has my SSAS pension been mis-sold?
If you are considering investing your SSAS pension, it is the responsibility of an authorised financial adviser to outline the risks associated with investment.
The Financial Services Authority warned in 2008 and followed it up in 2012 that many SSAS schemes were not suited to retail customers and many business owners ended up losing money as a result of being mis-sold their SSAS pension.
If you were told to purchase an overseas pension scheme that has ended up being completely unsuitable and damaging to your finances as a result of negligent financial advice, then you may be able to make a claim.
Similarly, if you were advised to transfer an existing pension or workplace pension into a high-risk venture that wasn’t right for your needs, you may be entitled to compensation.
If you believe that you have been a victim of a mis-sold pension, contact us and a member of our team will be happy to help.
Take a free initial assessment with one of our experienced case handlers to see if you can make a claim.
SSAS pension FAQs
How Do I Set Up An SSAS Pension?
There can be no more than 12 members of your Small Self-administered Scheme (SSAS) but benefits can be extended to family.
To set up an SSAS pension scheme, you will need to appoint a professional provider to manage the scheme or select a member to take on admin responsibilities. You will also be required to register your SSAS with HMRC and The Pensions Regulator.
What Can An SSAS Pension Invest In?
Examples of the types of investments that can be made from SSAS pensions include but are not limited to the following:
- Commercial property
- Trustee investment plans
- Loans to the employer
- Commercial and agricultural land
- Investment trusts
Are SSAS Pensions Regulated?
SSAS pensions are self-regulated and managed by members of the scheme – usually either staff or family members. The Pensions Regulator will oversee all SSAS pensions but issues can arise as a result of self-management, which is why this form of pension scheme can be risky.
Can I Transfer My SSAS Pension Into A SIPP Account?
You can transfer an SSAS pension to any form of UK pension scheme as long as it is registered with HM Revenue & Customs.
Find out more information about mis-sold SIPP claims here.
Can You Set Up An SSAS Pension Without An Employer?
It is a requirement for an SSAS to be set up by a sponsoring employer but after that, they no longer have to be part of the process. This means that if the business is sold or finds itself struggling, the relationship with the sponsoring employer can be terminated and this does not affect the scheme.
Is An SSAS A Personal Pension Scheme?
An SSAS pension scheme reaps the same benefits as a personal pension scheme i.e. tax relief and a tax-free lump sum of 25% once you reach the age of 55. Like a personal pension, the SSAS also allows members the flexibility of accessing their pension whenever they choose to.
Let’s rewrite your financial story
We are here to rewrite the book for you. And luckily we are pretty damn good at creating happy endings.
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.
We are committed to transparency and fairness in the way we conduct with clients, including how we charge for our claims services.
Do you know how people complained about mis-sold investments and SSAS 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?
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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Spencer Churchill Claims Advice will:
- Speak to you in plain English
- Provide you with a dedicated claims specialist
- Pay attention to the small details of your case
- Keep you up to date with the status of your claim
- Make sure you understand our charges
- Do absolutely everything we can to win your claim
How does our claims process work?
With millions of mis-sold pensions reported, it’s worth finding out if you can get your money back. Here’s how our simple process works:
What types of claims do we handle?
Find out how much you could claim today
Ready to take the next step? We’re here with clear, no-pressure advice. Give us a call today to find out if you have a valid claim
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Tuesday: 8:00am–6.00pm
Wednesday: 8:00am–6:00pm
Thursday: 8.00am–6.00pm
Friday: Office Closed