If your pension for retirement was mis-sold, you may be eligible to claim compensation. Pension mis-selling occurs when unsuitable advice to transfer or invest a pension is given leaving retirement pension funds smaller than expected.
Despite reassurances from the 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.
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.
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’ve been badly advised to transfer away from a previous employer’s pension scheme.