Pension mis-selling occurs when unsuitable financial advice to transfer or invest a pension has been given and the gains or rewards are grossly exaggerated. This leaves retirement pension funds smaller than expected. If it sounds like your pension for retirement was mis-sold, you may be eligible to claim compensation.
Financially inexperienced investors have been drawn in by the lucrative promises surrounding certain pension schemes which can result in a substantial loss of funds due to the high risks involved in certain schemes. Pension funds can also be subject to heavy tax burdens if accessed prematurely.
Despite reassurances from the UK Chancellor in 2015 that fears surrounding pension mis-selling were unfounded following the new reforms, evidence suggests that there were not sufficient regulations in place to protect the large number of people who were able to access their pension. Since this time, the number of mis-sold pension claims in the UK has been growing substantially.
Depending on your circumstances, moving your pension from a previous employer’s scheme to a personal pension may not have been suitable. Those advised to move funds without knowing the risks may be entitled to compensation. TLW claims compensation for people who have been badly advised to transfer away from a previous employer’s pension scheme.
