Have I been mis -sold my pension? TTP Financial Compensation

1. HAVE I BEEN MIS -SOLD MY PENSION? Pension Transfers A mis-sold pension transfer can be a difficult situation to find yourself in and may create financial hardship further down the line. It’s essential to identify whether this is something that has happened to you so that you have all the facts. If you find that you have been mis -sold your pension transfer then you may be able to make a claim for compensation. Where does the issue arise? Mis-sold pension transfers occur when a new pension plan has been misrepresented to you by someone who should be acting as an advisor and you are misled about whether this pension plan is a good fit for you. This often means transferring out of a pension scheme into a new one where there is actually no benefit – or even a disadvantage – in doing so. That could be hidden costs, for example, or a scheme that is focused on higher risk investments. These are some of the key schemes involved: ● Self Invested Personal Pensions (SIPPs). SIPPs are renowned for integrating higher risk investments and so are usually only suitable for experienced investors. If you’ve been encouraged to transfer your pension into SIPPs then this could be a mis-sold pension transfer. ● Small Self Administered Scheme (SASS). This type of flexible pension scheme is usually established for company directors and can be open to their employees. There is much greater risk to putting your pension in a scheme like this so if you have been advised to transfer an original pension into a SASS then this may be a mis-sold pension transfer. ● Defined Benefit Transfer. Most transfers out of a salary related pension scheme are likely to leave you

2. in a worse position than if you’d kept your pension in a Defined Benefit (or Final Salary) pension scheme. This process involves exchanging your Defined Benefit pension for a cash value that then has to be invested in a Defined Contribution pension scheme. If you’ve been advised to do this then you may have been mis-sold your pension transfer, especially if there are hidden costs involved such as ongoing advisor fees. Signs of a mis-sold pension transfer ● Recommendations were made without investigating your personal circumstances ● The advisor came to you via a cold call ● You weren’t made aware of the terms and conditions involved ● The advisor told you they were more experienced than they actually were ● It wasn’t clear what fees and charges were involved –these weren’t fully explained to you ● You were actively encouraged to transfer your pension into a new plan that involved much greater risk than you are comfortable with If some or all of the above signs are familiar to you then you may have been mis-sold a pension transfer – and could potentially make a claim. Claims are made through schemes such as the Financial Ombudsman Service and Financial Services Compensation scheme, either on your own or with the support of a specialist financial advisor who will be able to handle the details of the process for you. To find out more about whether you’ve beenmis-sold your pensionrefer to our website…