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Different Types Of Mis-sold Pensions Explained

15 August 2019 No Comment

Upon receiving your final salary pension, is it possible that your financial advisor didn’t provide you with the best information, nor with the best retirement options. However, if it is the case that your private pension isn’t providing you with the same income that your old final salary pension would have, then you may consider joining the ranks of retirees in the UK who have recently filed mis-sold final salary pension claims.

These claims are becoming more and more common in the UK as older folks are becoming more savvy as to what final salary pension plans are out there. What’s more, the Financial Ombudsman Service is receiving more mis-sold final salary pension claims than ever before.

Do you may be one of the many retirees who are making legitimate mis-sold final salary pension claims and the benefits? Here are five questions you ought to ask yourself about your final salary pension.

Were You Offered a Personal Recommendation?

According to the Financial Conduct Authority, all certified financial advisors in the UK are obliged to offer each client a detailed personal recommendation that is uniquely tailored to each client depending on his or her needs. In other words, a financial advisor needs to consider your individual circumstances, family obligations, and any other financial responsibilities.

For a lot of people who are younger and still in the workforce, they tend to only ever consider their pension when they’re changing careers. Often times, this means that they’ll decide to switch from their company’s pension scheme to a new, private pension plan. A lot of the time, making this change works out in the long run, as far as a final salary pension is concerned.

However, your financial advisor ought to have informed you that it is possible to transfer the pension funds you have accrued at your previous job to your next one.

Were You Erroneously Advised to Change Plans?

In the case that a financial advisor pushed you into transferring away from your employer’s final salary pension scheme, then he or she may very well have violated UK financial regulations.

Were You Aware that You Had So Many Pension Options?

There is indeed a plethora of pension plans, and each individual plan has its own specific benefits as well as its own risks. A financial advisors job is to inform you and all other clients as to which particular plan is best for you. A lot of people decide to make mis-sold final salary pension claims because they rightly feel that their financial advisor did not present and explain a sufficiently wide enough array of available options for their pension scheme.

Did You Feel That You Were Pressured Into Signing Up For a High Risk Pension Plan

Every individual has a level of risk that they feel comfortable with, with some being more cavalier and others being much more cautious and risk aversive. Assessing how comfortable you or any other client is with risk is an integral part of a financial advisor’s job. 

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