Mis-Sold Pension Claims | Compensation for Pension Loss

Compensation for Pension Loss

We specialise in pension compensation claims, including SIPP Compensation, Pension Switching (Churn), Pension Review Scams, SSAS, and Final Salary Pension Compensation. Our expertise extends to addressing issues with Platforms, Overcharging, and Final Salary Transfer Claims. Trust us to guide you through the process of securing the compensation you deserve for mismanaged pension investments.

SIPP

SIPPs offer diverse investment choices like Commercial Property, Stocks, Unquoted Shares & Gold Bullion. However, investment firms exploited unsuspecting investors, leading to losses. Some SIPP providers accepted products without due diligence, potentially due to gaining more clients and higher fees.

SSAS

Introduced in the 1970s, Small Self-Administered Schemes (SSAS) offer diverse pension investment options for business owners and investors. SSAS remains popular for corporate schemes and family trust planning, accommodating up to 12 members. However, SSAS lacks FCA regulation, exposing individuals to potential abuse from unscrupulous entities offering high-return, unregulated investments. Claims against regulated Financial Advisers may aid in recovering lost pension funds.

PLATFORMS

Platform pension compensation examples include misleading investment promotions leading to losses, platform insolvency risking pension funds, and inadequate investment advice by financial advisers. Affected individuals seek redress to recover funds and safeguard their financial interests.

OVERCHARGING

In the past, IFAs conducted “pension reviews” urging clients to consolidate existing pensions into one contract, mainly for their convenience and to charge fees. Attractive promises of “better returns,” access to “Discretionary Fund Managers,” and “drawdown” convinced clients to transfer their pensions, although existing contracts might have been suitable. Fees were often based on a percentage of the transferred amount, with some advisers failing to deliver the promised ongoing service.

FINAL SALARY / DEFINED BENEFIT TRANSFER

A Final Salary Pension Scheme, also known as Defined Benefit Pension Scheme, provides valuable pension benefits with known lump sums and retirement income. Transferring to a private pension results in the loss of guaranteed benefits and reliance on investment performance, making it generally inadvisable to transfer a Final Salary/Defined Benefit Pensions.

Step into Action

Get in Touch: To explore the possibility of making a claim for your failed SIPP investment, the initial and crucial step is to reach out to our team. With just one call, we can quickly assess your situation and determine your potential eligibility for assistance.

Your Welcome Pack

Guiding You Forward: If your case holds grounds for a claim, we will promptly furnish you with a comprehensive welcome pack. This pack serves as your comprehensive guide, offering valuable insights into the entire claims process, ensuring that you grasp every aspect of what lies ahead.

Your Consent Matters

Moving Forward: Before proceeding, we want to ensure you are fully on board with pursuing the claim. Our team will reconfirm your willingness to proceed, making sure you are comfortable and well-informed about the next steps.

Transparent No Win, No Fee Agreement

In our pursuit of helping you seek compensation or redress, we will engage in a detailed discussion of our no win, no fee agreement. This transparent agreement ensures that you will only pay if the claim is successful, providing peace of mind throughout the process.

Claiming Compensation for Pension Negligence

Pension negligence can lead to significant financial losses for individuals seeking professional guidance. These claims typically arise from instances of misconduct, breach of duty, inadequate advice, mismanagement of funds, or fraudulent activities.

Negligent parties may provide incorrect information, fail to disclose risks associated with pension investments, make unsuitable recommendations, or engage in unethical practices that compromise their clients’ pension well-being. These actions can result in substantial financial harm and loss of trust.

If you have experienced financial losses due to pension negligence within the last three years, we are here to assist you in pursuing a pension compensation claim. Our team of experienced professionals specializes in handling such cases and may be able to help you recover your losses.

A successful pension compensation claim can provide you with the means to regain your financial stability. It may cover a range of damages, including the recovery of lost pension investments, compensation for financial losses, reimbursement of fees paid for inadequate services, and potentially even additional damages for emotional distress or reputational harm.

We understand the complexities of pension negligence claims and can assess your case to determine if you are eligible for compensation. Contact us today at 0161 840 1560 for a free and impartial consultation regarding your options. Our knowledgeable advisors are here to provide guidance and support throughout the claims process, helping you pursue the justice and compensation you deserve.

What Is Involved in a Pension Compensation Claim?

The first step is to contact us to find out if you may be eligible to make a pension compensation claim. Typically, we’re able to tell you in one call whether we can help.

If you’ve got grounds to make a pension compensation claim, we will issue you with our welcome pack so you can read and understand the process.

We will then double-check if you want to go ahead and will talk through the no win no fee agreement with you.

Once you proceed to claim, your pension compensation specialist will contact the relevant parties for information and contact them on your behalf to let them know that you’ll be making a claim for your losses.

During your claim, your pension compensation specialist will be your point of contact. It’s their job to keep you up-to-date throughout your claim. They’ll also be happy to answer any questions you may have as your claim progresses.

Case Studies

David was cold called about a no obligation pension review. After speaking to a Financial Adviser he was advised to move his pension to a SIPP (Self Invested Personal Pension) on the basis he would have more flexibility and control.

David transferred £86,238 to a SIPP and was invested into a range of investments by his Financial Adviser. Some of the investments were unregulated and not suitable for David as he was not an experienced investor. Six years later David had only £24,378 remaining in his pension (over £60,000 less than he started with).

David contacted HT Legal Ltd who carried out a consultation over the phone. Having established David had grounds to complain he engaged with HT Legal for his Pension Claim on a No Win No Fee basis.

HT Legal approached his pension provider and financial adviser to gain evidence around his pension claim. The Financial Adviser were no longer in business and therefore HT Legal approached the Financial Services Compensation Scheme (FSCS).

After a only 2 months the FSCS confirmed that David had been mis-advised. They added statutory interest to his claim value which meant a total compensation due of £89,378.

David received the maximum compensation of £85,000 against his financial adviser.

HT Legal then pursued his SIPP provider who were now out of business too and successfully recovered the remaining £4,378 from them.

Frequently Asked Questions

What Happens with Pension Compensation Claims?

Every pension compensation claim is different. The most important part of our job is taking the time to listen and quickly grasp the unique situation each customer is facing.

Most people are not used to working with the legal or financial services systems, which can be very confusing. It’s rewarding for us to be able to provide them with the support they need and give them confidence they are in the right hands.

You can benefit from a free consultation on 0161 808 0142.

Who Can Make a Pension Compensation Claim?

Individuals who have experienced financial losses due to pension negligence may be eligible to make a claim for compensation.

Our team will help you identify what grounds you may have to claim on 0161 808 0142.

Why Should I Discuss My Pension Compensation Claim with You?

We are experts in pension compensation claims and employ professionals to provide expert guidance to all of our clients.

We have successfully helped many clients gain the compensation or redress that they are due.

Our no win no fee guarantee means that you are free to pursue justice without any risk. Call us today for a no-obligation conversation to see what you may be entitled to on 0161 808 0142.

Our Pension Compensation Claims Experience

We’ve specialized in pension compensation claims for longer than anybody and even provide consultation to our competitors in this sector.

You may be wondering how we can help – or whether your claim may be covered by a no win no fee agreement with HT Legal. The best way to be sure is to contact us on 0800 0418 358 for a free, independent, and impartial chat.

It’s likely we can help you even if you have not used a financial advisor.

Our solicitors can help with all types of finance claims, whether it is a pension claim, fund manager claim, or any other claim where you have dealt with a regulated company.

How Much Compensation or Redress Might I Receive?

The amount you could be awarded depends on a number of factors, such as the type of claim, how the loss is calculated, whether interest needs to be applied, when the advice took place, and the evidence available.

When you claim through HT Legal, we carry out a full investigation with all the relevant parties. By simply signing a letter of authority for us, we are able to gather all the evidence required from your providers to build your case and give you the best chance of success and ensure you get the level of compensation or redress that you are entitled to.

We have more than 14 years’ know-how in achieving positive pension compensation claim outcomes for our customers.

Why Not Try Our Compensation Calculator?

It’ll give you a rough indication of what to expect if you don’t feel ready to contact us yet.

What Is a No Win No Fee Claim?

No Win No Fee is based on something called a contingent fee agreement. This means that you only pay HT Legal when and if your claim is successful.

HT Legal will cover all the costs of running your claim, which includes our time and any associated costs such as Expert Witness Reports, Court Fees, and After the Event Insurance (which is a policy to cover any costs in the event your claim is unsuccessful in court).

Our No Win No Fee agreement is a percentage of the total claim value, which is determined by the size (how much is the claim worth), complexity (what level of expertise is required to process the claim), and strength of the case (how likely is the claim to succeed) of the claims and can vary from as little as 15% up to 40% plus VAT.

How Does a No Win No Fee Claim Work in the Context of a Pension Compensation Case?

Generally speaking, a claim for pension compensation will be set at between 15% and 25% of the claim value.

Any additional charges would aim to be covered by the defendant.

The only event in which a client would be charged without a successful claim would be if a client canceled once the claim process was underway and costs had been incurred by HT Legal.

What Is the Eligibility Criteria for a No Win No Fee Claim for Pension Compensation?

There needs to be sufficient evidence of pension negligence. This can be due to:

Advising on an inappropriate product
Failing to provide services a client has paid for (such as annual reviews)
Overcharging
Lack of disclosure

What Types of Claims Can Be Pursued on a No Win No Fee Basis in Relation to Pension Compensation?

Advising on an inappropriate product
Failing to provide services a client has paid for (such as annual reviews)
Overcharging
Lack of disclosure

Are There Any Upfront Costs or Fees Involved in Starting a No Win No Fee Claim for Pension Compensation?

There are no upfront costs to the client. Costs will be incurred by HT Legal; however, these are only chargeable to the client in the event the client cancels before the claim has reached its conclusion.

What Happens If I Lose the Case? Will I Be Responsible for Any Costs or Fees?

No, you will not be responsible for any costs or fees.

How Does the Solicitor's Fee Structure Work If the Claim Is Successful?

Fees vary between 15% and 40% (plus VAT) of the total claim value and will be clearly disclosed from the outset.

Will I Need to Pay Any Legal Costs If the Claim Is Successful?

Only the percentage charged as part of your contingent fee agreement.

What Is the Success Rate of No Win No Fee Claims for Pension Compensation?

The success rate for pension compensation claims varies depending on the type of claim. Claims where a client has been advised into an unsuitable pension investment and lost money as a result have a high likelihood of success, whereas claims where clients have not lost money directly as a result of bad advice are less certain.

How Long Does It Typically Take to Resolve a No Win No Fee Claim for Pension Compensation?

The length of time to resolve a no win no fee claim for pension compensation can vary depending on the complexity of the case and the cooperation of the involved parties. In some cases, it may take several months, while others could be resolved more quickly.

What Evidence or Documentation Will Be Required to Support My Claim?

We will need evidence of the original pension advice in order to support the claim. Normally, we are able to gather the evidence for you by writing to the parties involved, such as the Pension Providers and any other involved parties.

Will My Case Go to Court, or Is There a Possibility of Settlement Outside of Court?

Your case will only go to court in the event we cannot reach a satisfactory conclusion with either the Financial Ombudsman or the Financial Services Compensation Scheme.

What Factors Are Considered in Determining the Potential Compensation Amount?

Factors considered in determining the potential compensation amount include fees charged, pension investment performance, statutory interest (8%), and loss of pension benefits. We have access to Expert Witnesses who can calculate exactly how much it would cost to put the client back into the position they would have been in had they never received the pension advice.