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How to make a mis-sold pension claim
If you suspect your pension transfer or investment advice was negligent, the claims process normally follows three main steps:
- Free initial review – Our team assesses your paperwork, adviser communications and pension statements to identify potential regulatory breaches.
- Formal complaint – We submit a complaint to the firm that advised you. They usually have eight weeks to respond.
- Escalation to the Financial Ombudsman Service (FOS) or Financial Services Compensation Scheme (FSCS) – If the firm rejects your complaint or has gone out of business, we can take the case to these independent bodies. The FSCS can pay compensation of up to £85,000 for eligible claims relating to firms that failed after April 2019.
Most claims take between three and six months to resolve, depending on how complex the case is and whether the adviser is still trading.
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.
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Who could benefit from a pension mis-selling claim?
We can advise and progress pension mis-selling claims for anyone who has:
- Invested their fund in a high-risk scheme which has gone wrong
e.g. off-plan property, store pods, carbon credits etc. - Not received proper pension advice which explained their entitlement to an enhanced annuity.
- Been advised to transfer out of their existing pension scheme into, what turns out to be, a lesser scheme.
- Invested their fund in a high-risk scheme which has gone wrong
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Time limits for bringing a claim
Strict time limits apply under FCA and ombudsman rules. Generally, you must bring your claim within six years of receiving the advice or within three years of when you first realised something was wrong. Acting early helps preserve your rights to claim through the Financial Ombudsman Service or FSCS.
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What a successful claim looks likes
TLW understand that for many investors, the money has been accumulated through a lifetime of working and saving. We will examine the sales process and consider all potential options to recover your losses.
It may be that we can:
- Recover pension funds that you previously thought lost.
- Obtain compensation for losses suffered due to receiving lower returns due to switching schemes.
- Get pension compensation for past losses and a better-paying annuity going forward.
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Why choose TLW Solicitors
Our dedicated pension mis-selling team is authorised and regulated by the Solicitors Regulation Authority and has successfully recovered compensation for clients across the UK.
We use clear, practical language and keep you informed at every step. Many clients tell us that they were initially unsure whether they had a case until we reviewed their documents and identified clear evidence of negligent advice.
Get in touch
If you are concerned that you or a loved one were not given the right advice about a pension investment, please contact our team for an initial, no-obligation consultation.
