The mis-selling of pensions has sadly become an all too common phenomenon. This happens when inappropriate advice leads individuals to transfer or invest their pension funds, often resulting in reduced retirement funds and unfulfilled promises of gains. Here’s what you need to know.
• Understanding Pension Mis-Selling: Some pension schemes lure inexperienced investors with the promise of hefty returns. However, these schemes often carry high risks that can lead to significant losses. Early access to pension funds can also come with heavy tax implications.
• Insufficient Regulations: Despite reforms in 2015, there’s evidence to suggest that regulations are still inadequate in safeguarding individuals who access their pensions. This has led to a substantial rise in mis-sold pension claims in the UK.
• Eligibility for Compensation: If you’ve moved your pension from a previous employer’s scheme to a personal pension without fully understanding the risks, you might be entitled to compensation.
• Our Speciality: We at ‘About Claims’ specialise in handling compensation claims for individuals who have been poorly advised to transfer from previous employer’s pension schemes.
• Who Can Benefit from Pension Mis-Selling Claims: If you’ve invested in high-risk schemes that failed, received insufficient advice on your entitlement to enhanced annuities, or were advised to shift to an inferior scheme, a mis-sold pension claim could be your path to compensation.
If you suspect you’ve fallen victim to pension mis-selling, it’s important to take action. Remember, a valid compensation claim can protect your retirement savings. Seek professional advice and explore your options to safeguard your future.