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Mis-sold Pensions

A mis-sold pension is where you have been persuaded into investing in a pension scheme without the full information or through misleading advice.

The FCA’s (Financial Conduct Authority) supervision work shows that 69% of consumers are advised to transfer despite their view that most customers would be best advised not to. They estimate that the harm created by unsuitable transfer advice is up to £2bn each year.

If you think you received inaccurate or mis-leading financial advice when you took out your pension scheme, you may have a mis-sold pension and you could be owed compensation.

Here at Spencer Churchill Claims Advice, we have experience  recovering money for our clients, thanks to knowledge and experience including final salary pension claims.

So, if you suspect you’re a victim of pension mis-selling through a SIPP, SSAS, QROPs or final salary pension transfer, here’s how we can help you get the maximum amount you deserve.

Make A Mis-sold Pension Claim

What Are Mis-Sold Pension Claims?

A mis-sold pension is where you have been given misleading or unsuitable advice before committing to a new pension scheme. This could involve, for example, that the return on your investment was far higher than could be reasonably expected.

In fact, in 2017/2018, the FSCS (Financial Services Compensation Scheme) alone paid out over £112 million for SIPP claims. And this does not count the millions from the financial Ombudsman Service and individual companies for final salary pension claims.

So, if you were incorrectly advised to invest your pension in high-risk sectors, chances are, you qualify for compensation.

How Does A Mis-Sold Pension Claim Work?

In a nutshell, a mis-sold pension claim is a way to hold parties responsible for giving careless financial advice and claim compensation for the risk or losses that advice might have caused.

You might already think you’ve been given poor investment advice. But to be absolutely sure, we urge you to get in touch with us today.

Although every case is different, often you will be able to make a complaint to your financial adviser or pension company. Failing that, the Financial Ombudsman Service or the FSCS should be able to help if you don’t feel comfortable making a complaint.

If you would like Spencer Churchill Claims Advice to represent you, just get in touch. Our team of experts have a highly developed pension claims process we run through with each client.

It all starts with a FREE initial assessment where we’ll discuss your claim and circumstances to understand whether you have a claim to be made.

If you choose to continue your claim with us, you’ll receive a dedicated Case Manager who will keep you updated every step of the way.

Make A Mis-Sold Pension Claim

Fill in the form below and one of our team will be in touch for a free, friendly, no-obligation chat to assess your situation.

We’ll go through your options, your rights to making a claim and discuss how we can move forward. And don’t worry, this is a free assessment and we don’t take any up-front costs.

How Much Mis-Sold Pension Compensation Could I Be Owed?

The amount of mis-sold pension compensation you could be owed depends on a number of factors.

Types of mis-sold pension claim

If you bought or transferred one of the following types of pensions schemes, and feel you weren’t given all the information you needed to make an informed decision, we’d like to hear from you:

  • You transferred a Final Salary pension (also know as a defined pension)
  • You transferred to a SIPP, SSAS or QROP pension
  • You bought a standard annuity

You can find more information about each type of pension below. You can also get in touch with the Spencer Churchill Claims Advice team today for a FREE assessment.

Mis-sold SIPP Pension Claim

A Self Invested Personal Pensions, also known as SIPPs, is a type of personal pension that lets you hold investments until you retire.

Unlike standard personal pensions, SIPPs let you can choose from a number of investments, including things like insurance company funds, traded endowment policies and commercial property.

If one of the following applies to you, you may have been mis-sold:

  • Advised you to transfer to a SIPP because it was better than other pension options
  • Advised you to transfer to a SIPP but didn’t provide advice on the investments inside it
  • Reviewed your existing pensions and only discussed moving them to a SIPP
  • Did not adequately explain the risks of the pension move and/or investments
  • Broke any other FCA rules or gave unclear advice

Find out more about mis-sold SIPP pension claims here.


Mis-sold Final Salary Pension Claims

Final Salary Pensions, or defined pensions, are considered to be some of the most secure around. This is because they give you a guaranteed income for life and can protect your family with valuable long-term benefits.

So, if you’ve been told to transfer your pension, you may have been given negligent pension advice. And if you’ve knowingly lost money through transferring due to your new pension investments, it may be an even bigger cause for concern.

You may have been mis-sold a Final Salary Pension if you:

  • Were advised to transfer your pension
  • Were told you’d be better off transferring

If the above applies to you or if you have any other concerns about your Final Salary Pension, you can take our free initial assessment. One of our experienced case managers will see if you can make a claim and what options you have.


Mis-sold Annuities Claims

With Annuity policy, you’re essentially buying an income for your life in retirement. Indeed, for a lump sum – or the cost of your pension pot – the annuity gives you a permanent income, in monthly or yearly instalments.

To calculate how much you’ll receive each year, the financial provider will look at things like your health, age and lifestyle to determine when you may die.

For some people, these types of pensions are perfectly fine – so long as the financial adviser has done their due diligence, and matched them with the best plan to suit their individual needs. Sadly, this is not always the case.

With that in mind, you may have been mis-sold annuity if:

  • You weren’t given all the annuity options
  • You wrongly received a standard annuity rate
  • Face hidden charges
  • Annuity stops paying when you die

Find out more about mis-sold annuities claims here.


Mis-sold SERPS Pension Claims

A State Earning Related Pension Scheme (SERPS), was a government scheme created to give workers more in retirement than their state pension alone.
The amount you’d get via a SERPS pension would depend on how much you’d earned throughout your working life.

If you paid Class One National Insurance contributions you might have had a SERPS pension. You can find out if you have a SERPs pension by logging in to your Personal Tax Account with HMRC.

Unfortunately, some people received the wrong advice, particularly if they were told to “contract-out” of a SERP pension by financial advisors. Contract out means people completely or partially gave up their SERPS pension benefits in exchange for a private pension.

You may be able to claim for SERPS compensation if you:

  • Are over 45 years old (males) or 40 years old (females) when you contracted out
  • Were advised to contract out by a financial adviser between the dates of 1st July 1988 and 5th April 1997
  • Were earning over £10k per year, every year

Find out more about mis-sold SERPS pension claims here.


SSAS Pension Claims

SSAS (Small Self Administered Schemes) pensions are aimed at directors of smaller companies who want more control over their pensions.

For some, SSAS pensions are beneficial because they are flexible and gives the employer control over how the money is invested.

However, SSAS pensions have been used to invest in high-risk and unregulated ventures, and pension holders may have been unaware of the details of the investment.
You may be able to make a SSAS pension claim if:

  • You were encouraged to transfer to a SSAS by a financial advisor
  • The risks of transferring to a SSAS pension weren’t made clear to you

More information on mis-sold pensions

When Should I Get In Touch about my mis-sold pension?

If you bought or transferred one of the following types of pensions schemes, and feel you weren’t given all the information you needed to make an informed decision, we’d like to hear from you:

  • You transferred a Final Salary pension
    Considered some of the most valuable pensions around, final salary pension – also known as defined pensions – offer a guaranteed income once you have retired. And if you’ve been advised to transfer, without being told the risks involved, you may be entitled to compensation.
  • You transferred to a SIPP, SSAS or QROP pension
    Although SIPPs and SSAS can work for some people, they can also be used to invest in high-risk investments, often based abroad and not regulated by the FCA. Transfers like this started with a cold-call from a pension introducer. This can lead to huge losses without the pension holder ever realising they were at risk.
  • You bought a standard annuity
    As you might already know, standard annuity provides a guaranteed level of income, for a lump sum. Problem is, if you’ve had health problems in your life, smoked, worked in a hazardous environment, or was not shown other options when you agreed to take out a scheme, your plan might not be right for you. And could even leave you out of pocket.


Get Started with Spencer Churchill Claims Advice

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Can I still claim for a mis-sold pension from years ago?

Yes you can. We believe every potential claim is worth looking into – it could change somebody’s life!

There are some limits to how far back we can go though. The team at Spencer Churchill Claims Advice are unable to look into pension transfers that happened before 1994.

Even if the company that provided you with negligent advice has gone bust since selling your pension, and therefore unable to pay compensation, it’s still worth exploring options as you may still be able to get compensation through other means, such as the Financial Services Compensation Scheme.

So if you think you have a legitimate claim, even if it’s from years ago, we’d love to hear from you. Contact us today for a free initial assessment to see how we can help you with your mis-sold pension claim.

How long does a mis-sold pension claim take?

This varies depending on the complexities of your mis-sold pension claim. There are a lot of factors involved, such as whether the adviser is solvent or insolvent or if they wish to contest the claim, which can prolong a case for a significant amount of time.

In some cases, claims and compensation can be resolved in a matter of months, but we can’t make guarantees. What we can do is listen to your individual circumstances and then give advice on the information you provide. If you would like to know more, you can get a free initial assessment with a Spencer Churchill Claims Advice mis-sold pension specialist for more support and guidance.

Speak With An Expert

Mis-sold Pension FAQs

Is pension mis-selling the same as PPI?

You could say there are similarities because of the huge number of professional companies that gave the wrong advice and mis-sold financial products.

But there are differences too – pension mis-selling can leave people with no-money to retire on. It can be wrapped up with scams, and both losses and compensation offers often stretch into the tens, if not hundreds of thousands!

Can I claim for a mis-sold SIPP pension?

The team at Spencer Churchill Claims Advice are able to look into pension transfers that happened years ago, although from time to time there are instances which we are unable to help.

If the transfer happened after that, get in touch for a free initial assessment – it could be something our experienced team are able to help you with!

How can I make a mis-sold pension claim?

Every case is different, but often you will be able to make a complaint to your financial adviser or pension company. Failing that, the Financial Ombudsman Service or the FSCS should be able to help.
If you would like Spencer Churchill Claims Advice to represent you, just get in touch for a free, no-obligation chat!

Is pension mis-selling illegal?

Technically pension mis-selling is not usually a criminal act, but it may be if it extends to fraud. Regulated parties can be fined for negligence and forced to pay compensation, but rarely face criminal charges.

That doesn’t mean you may not be able to get money back if you’ve been mis-sold. Take a free initial assessment with Spencer Churchill Claims Advice to see if you can make a mis-sold pension claim.

Can I sue my financial adviser?

You may not need to. Because all financial advisers giving pension advice need to be regulated by the FCA, they have strict rules to follow, and a claim can be made if they fail in their duties.

You can take a free consultation with Spencer Churchill Claims Advice to see if you can make a claim on a no upfront costs basis.

Is there a mis-sold pension complaint letter template?

While every claim is a little different (sometimes a LOT different), there are some things that end up in pretty much every claim.

You can read about mis-sold pension complaint letter templates here

How far back can you look into pension transfers?

At Spencer Churchill Claims Advice, we’ve looking into pension claims as far back as 1988.

So, if the transfer happened after that date, please do not hesitate to get in touch. One of our experts could be able to help you make a claim.

Can I get compensation for bad pension advice?

In short: yes you can. If you’ve received misleading advice when investing in a new pension scheme, you could be due compensation.

You can get in touch with Spencer Churchill Claims Advice and we’ll give you free and tailored advice on the strength of your claim and how you can take it forward.

How much do you charge for a mis-sold pension claim?

At Spencer Churchill Claims Advice, we offer a FREE initial assessment of your claim and we won’t take any fees up front – ever.

Our team of experienced and specialist claim advisors are trained to get you the most compensation possible.

What is the average compensation for mis sold pensions?

Every claim is very different – they vary in so many ways depending on the claimant’s individual circumstances.

With that in mind, we can’t realistically give an accurate average compensation value.

What we can promise is that our team of specialist case handlers are dedicated to getting you the best result available.

What happens if my pension provider goes bust?

If you have been paying into a pension scheme and the provider has recently gone bust, you may be due compensation: this will depend on the type of pension you have and whether the provider was FCA (Financial Conduct Authority) regulated.

You can contact Spencer Churchill Claims Advice for a FREE initial assessment and advice on your claim.

Is compensation for a mis-sold pension taxable?

Mis-sold compensation and tax is a complex issue and we’re not tax specialists at Spencer Churchill Claims Advice, so we can’t confidently advise someone on their tax arrangements.

We do suggest that anyone who receives compensation from their mis-sold pension claim to seek independent tax advice for further guidance.