Many people are unsure how they can find out if they have ben mis sold their pension in the past so this quick mis selling pension guide will help you determine if you were missold or not.
Did you ever transfer a Final Salary Pension in the past to a Personal Pension?
If so the chances of the advice being wrong are very high and you could be financially disadvantaged in retirement if you do not get it audited.
Did you ever transfer any type of pension to a SIPP?
SIPPs have a place in the pension market but for most people they are not relevant so if you have transferred your pension to a SIPP it is recommended you get it audited.
Were you advised to transfer your pension on more than 1 occasion by the same financial advisor?
This may be perfectly good advice but you should have been given good substantial reasons for doing so and if not then you may have been wrongly advised.
Do you have AVCs at work and been advised to take out FSAVCs in the past?
If so then you have a very high chance of being wrongly advised.
For all of the above the short guide will cover what you can do.
If you are confident enough then send a SAR letter for your file firstly as this will give you all the information relating to the sale or transfer and will cost £10
Next step is to review your file and while doing so take notes of dates and things that were not explained to you at the time of the sale along with policy numbers and any information that is inaccurate.
You can now start to build your complaint letter and once complete send it to the company recorded delivery.
You will in most circumstances receive an acknowledgment letter and a final decision within 8 weeks
If not happy at this point with the decision or the amount offered then take your case to the Financial Ombudsman and they will make a decision which is impartial.
If you do not feel confident doing it by yourself then use the services of a mis sold pension claims company who will carry out the process on your behalf. This does not guarantee you will win your case but they should have enough experience to determine
If you win your case then the company is bound to put you back into a position had the financial advice not taken place plus interest from when the advice was given until compensation is made.
Interest is on a compound basis and can add substantial amounts to the compensation you receive especially if the initial advice was many years ago.
Time limits do apply to pension cases and are as follows
6 years after the advice was given
3 years since you became aware the advice may have been inappropriate
Advice given after April 1988
For most people the 3 year rule will apply as they do not have the expertise or think anything was wrong until they read information such as this or go to purchase an annuity and realise it is far less than the thought.
For more information on mis sold pensions visit https://www.mis-soldpension.com today.