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Unfortunately, mis-sold pensions are heavily increasing. This is affecting many peoples' lives in retirement. It is encouraged that whenever you make a decision regarding pensions, you seek support from specialists first - your pension is one of your biggest assets so you want to get the most out of what you have earned.
Located in Bolton, Get Claims Advice, established in 2014, specialises in mis-sold pensions, mis-sold investments and final salary pension transfer claims. The firm has recovered £86m in compensation for its clients.
One of Get Claims Advice’s clients, who is ex-Armed Forces, was advised to transfer their Armed Forces pension scheme into a personal pension in 1993. They agreed and proceeded to transfer £7,233 from his scheme, with them being assured that it resulted in a better return.
The company advising this failed to emphasise that the scheme it had recommended would have to perform well above an industry standard to match the benefits of his former final salary scheme. Following a lengthy complaint process, the client provided evidence which prompted a review into the policy to see whether a loss occurred due to the advice given.
As a result, the company confirmed that there was a loss of £92,802 and therefore upheld his complaint and an offer of compensation was made.
Another mis-sold pension
Another of their clients was advised by Chadkirk Wealth Management Ltd to transfer their Scottish Widows personal pension into a Novia SIPP in 2015. They transferred a total of £80,447.78 into a Novia SIPP and made various investments that were high risk and unregulated. However, they had no investment experience and a low attitude to risk.
The investments Chadkirk Wealth Management Ltd had recommended were unsuitable for the client based on their risk profile. Chadkirk Wealth Management Ltd were required to ensure their recommendations were in the best interests of the client by taking into account their attitude to risk, his needs, and his objectives.
Check out Get Claims Advice’s services at: getclaimsadvice.co.uk
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