Getting Pension Compensation After A Mis-sold Pension
Retirement is something that most people prepare for. Aside from making sure that there’s enough money in the bank, there are many who look into other ways, such as pensions, so they can be sure of some financial support when they are no longer working. Sadly there are some who have employed this strategy only to be deceived by pension companies regarding important conditions or policy conditions regarding pension claims.
A lot of pension complaints are about a mis-sold pension; this could be for example when someone decides to take out a lump sum of cash from his pension fund before retirement but was not properly informed of the risks and other negative effects of doing so. Many Investment experts claim that early pension release is not an advisable move, and it is the responsibility of pension advisers to inform their clients of this as well as offering sound alternative options to protect the very purpose of establishing a pension in the first place.
If a pension company neglects to properly inform you about all the negatives and make you aware of all your options the good news is, you do not need to live on a meager monthly pension as a result of your mis-sold pension. Claims management firms dealing with mis-sold pensions can help you recover thousands of pounds for your retirement years. If you can establish that you were kept in the dark about alternative options to pension release, you have a strong fighting case to receive pension compensation. These are the questions you need to answer first if you want to make your own claim for redress:
Were the risks fully explained by the pensions company? Pension release has huge ramifications beyond the smaller amount of money that will serve as pension upon retirement. It’s the pension company’s job to inform YOU their client of the full negative impact of choosing to drawdown a pension early.
Were you aware of the benefits you were giving up? Similar to the first question, it’s all about the pension company clearly establishing the pros and cons of the decision. Did they explain you could be giving up a guaranteed income for life for example?
Do the funds match your views on investment risk? If you have a Cautious attitude to risk you may have been invested in the Stock market when you didn't want to be, or into other funds that are unsuitable. Have you lost money as a result of your investment strategy?
Were the lost guarantees fully documented?
If your answer is “no” to all these then you may well have a justified pension complaint to make a claim. You don’t really need to hire a claims management firm for this but hiring a team of experts who really take on the case will prove to be advantageous due to their experience. Besides, most of them have a “no win, no fee” policy so you don’t have to worry about not having to finance your fight – you can just pay them once pension compensation has been granted.