Warning signs of a mis-sold pension
Even if you don’t have a pension, sharing this list with friends and family could be the thing that saves them from losing their retirement fund to a mis-sold pension or scam.
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1. Transferring your pension after a cold-call
This is a huge one. We have experience dealing mis-sold pension claims, and almost all of them involve transferring their pensions after a cold-call. Marketing companies can get paid a small fortune for getting somebody to transfer their pension, sometimes as high as 15% of what the pension is worth! Its meant that tens of thousands of calls have been made to people, usually over the age of 45 in the last 10 years.
2. Transferring from a ‘free pension review’
While not all pension reviews are scams, some certainly end up that way. Again, these marketing companies are often unqualified when it comes to financial advice, and aren’t regulated by the watchdog either. Gung-ho sales-staff may not stress the risk involved in transferring, and it can cause mayhem with people’s pensions.
3. Transferring your pension into overseas investments
Although there are plenty of high-risk investments in the UK (think storage pod schemes, land banks and some property funds), a huge amount of mis-sold pensions involve investing overseas. Think forestry schemes, hotels and villas in the likes of the Caribbean or Cape Verde, or farm land and green energy initiatives. These investments are always high-risk, FCA unregulated stuff that could zero your pension balance if they go wrong.
4. SIPPs, SSASs and QROPS
While none of these types of pensions are a scam in themselves, they are the favourite types of pensions for scammers (or at least unqualified marketing companies) to transfer people’s pensions too, as they allow greater control of the types of investments – including those high-risk ones we talked about.
5. Transferring a final salary pension
Final salary pensions are very rare these days, as they are expensive for employers to run, but they also have benefits that can’t be replaced with a personal pension.
Some people get tempted to transfer because of high transfer values, but in the long run, it may have been better to keep them where they are, as its usually much, much safer.
If the person who is looking to transfer your pension is playing down the benefits of a final salary pension, it could be an alarm bell.
If any of these warning signs spark your memory, you may have been mis-sold and you could be able to make a claim for a mis-sold pension on a No Win – No Fee* basis. Speak to an expert from Spencer Churchill Claims Advice to find out more!
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 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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