Mis-sold Pensions
Have you been mis-sold a pension?
Many thousands of people all across the UK were mis-sold
pensions during the late 1980s and early 90s, and you may be one of
them.
Firms advised thousands of employees to 'opt out' of the State
Second Pension or S2P, with the belief that a personal pension
would likely outperform any other State pension that retirees could
live off in the future. Some people may even have been told to
transfer a preserved pension with a scheme of a former employer to
a personal pension scheme.
The FSA have since learnt that such people who did 'opt
out' may be financially worse off than they would have been with a
second State pension since they have not received employer
contributions.
The personal pension also required set up costs and charges,
meaning that anyone nearing retirement age may have suffered a
financial loss by not staying within their existing scheme. With
consumer groups estimating up to 4.5 million people may have been
affected, if you think you may be one of these people, read on to
find out if you can make a claim and how to go about it!
Can I make a claim?
Were you advised to take out a personal pension, rather than an
S2P or Serps (State Earnings Related Pension Scheme) as it used to
be called, between the years of 1988 and 1994? If you were, it is
likely you were caught in this 'opting out' or 'contracting out'
scheme and your second personal pension may have been mis-sold.
Please note however, that to be in time, you must make a claim
within 6 years of you noticing that you may have been mis-sold the
pension!
How to
claim compensation for your mis sold pension
Claims Financial