As you will have seen with the mis-sold PPI compensation payouts over the last few years, there has been a huge clampdown on mis-selling of financial products. It has recently emerged that many people in the UK were mis-sold a pension transfer and this means that they are able to make a claim. The average compensation claims are around £25,000 on private pensions and £50,000 for final salary schemes.

What is a mis-sold pension?

If you have been misled about the suitability of a pension, such as being advised to transfer from your original scheme into one that has turned out to be less suitable, you have been mis-sold your pension. You might have been mis-sold your pension if you transferred into a SIPP (self-invested personal pensions), SSAS (small self-administered pension scheme) or a DB (defined benefit). 

How to work out if you were mis-sold a pension 

A solicitor will be able to tell you whether your circumstances indicate that you have been mis-sold and how to make a claim. The following are signs that you could have been mis-sold:

• You felt pressurised by the adviser.
• Risks were not fully explained to you.
• You were charged surprise fees that were not mentioned at the start.
• You were advised to transfer to a new scheme that wasn’t suitable.
• You were not presented with all of the available options.
• The adviser didn’t ask about your personal circumstances.
• You were approached by a cold call from an adviser. 

If any of the above apply and you lost money as a result, it is definitely worth speaking to a mis-sold pension expert for some advice.

How to make a mis-sold pension claim

You can make your claim through the FSCS (Financial Services Compensation Scheme) via their website. However, getting advice from experienced legal experts like Emerald Law will help to make sure that you get what you are entitled to. With such potentially large sums of compensation at stake, it makes sense to take professional legal advice. 

Emerald Law has successfully reclaimed over £1 million in compensation for clients in the last year and have a wealth of expertise in mis-sold pension claims. If you would like to speak to a specialist to find out whether you are entitled to submit a claim, contact us today.