Mis-sold pension transfer advice – have you lost out?
Experts believe mis-sold pensions are likely to be the next big scandal facing the financial sector. It’s apparent that a huge number of pension holders across the UK have fallen victim to poor, faulty or fraudulent advice from unauthorised or unregulated financial advisers.
In recent years, there has been a number of cases where people have been wrongly advised to transfer perfectly performing pensions on the basis that better opportunities for growth, and in some cases flexibility, existed elsewhere. Unfortunately, some pension holders have lost significant amounts of money, or in some cases all of their pension, as a result of such transfers.
If this sounds all too familiar, you may be eligible for compensation and it’s our mission at Beat the Banks to help you claim what you are entitled to.
Mis-sold pension advice can come in a number of ways, the most common being:
Defined benefit transfers
Any recommendations to move away from the safe haven and guarantees of defined benefit schemes offer can only be made once a significant amount of research has been done. The FCA have been resolute in their message – transferring out of defined benefit pension scheme is rarely advisable.
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Unregulated Collective Investment Schemes (UCIS)
A vast array of these types of schemes exist, all offering the promise of alluringly high returns. Unfortunately, many have delivered nothing other than misery and the loss of some or all of the initial investment. Scammers have used a number of pension vehicles such as SIPPs, SSASs and Retirement Benefit Schemes.
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Defined contribution schemes
Again, less scrupulous advisors have often focused on alleged poor performance of existing pension arrangements and recommended alternative, far riskier solutions. This may go hand in hand with the recommendation of a SIPP, SSAS or a newly formed Retirement Benefit Scheme.
QROPS (Qualifying Recognised Overseas Pension Scheme)
A QROPS is an overseas pension scheme that meets requirements set by Her Majesty’s Revenue and Customs (HMRC). QROPS may be appropriate for UK citizens who have left the UK to retire abroad on a permanent basis – participating countries and territories include Gibraltar, Cyprus, New Zealand and Australia. However, any transfer of money away from the UK risks leaving behind the security of the most highly regulated financial market in the world.
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Do you have a claim?
If you think you have been the victim of mis-sold pension transfer advice we’d like to hear from you. We understand that losing all or part of your pension pot can be traumatic, but we’re here to help.
You can contact our expert advisers on 0800 193 1234 for a no obligation chat. You may feel that there is nowhere to turn, but one call can help to bring some much-needed clarity to what we know is an extremely upsetting ordeal.