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Mis Sold Pension Claims Guide – How To Claim Compensation Calculate Amounts Payouts – 2019 Update

Mis Sold - Pension Guide

Mis Sold – Pension Guide

On this page, you will find a simple guide to making a claim for mis-sold pension compensation. Even though the Financial Conduct Authority (FCA) stipulates that all financial advisors must offer the most suitable products to their clients, regardless of profit, there are cases when financial products such as a pension are mis sold. This guide will act as a primer, explaining why you could be eligible to claim for a mis sold pension, and how to go about claiming.

If you have questions about the contents of this guide, or need some more information that isn’t covered in this guide, please speak to one of our claim advisors on 0800 073 8804. They will go over your case with you, answer any questions you have, and help you to move your claim forward.

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A Guide To Mis-Sold Pension Compensation Claims

This guide aims to answer questions such as, can I claim for mis sold pension? It is aimed at providing people with enough information to begin approaching their own claim, from a position of understanding, allowing them to make educated decisions and choices on how best to proceed. The guide begins by giving a quick overview of what a mis sold pension is, as well as pensions and pension annuities in general. We then delve a little deeper, taking a look at how a person can decide whether their pension was mis sold, and what miss sold pension annuities are.

The middle part of this guide moves on to talk about aspects that are pertinent to the claim itself. We provide a simple checklist, that will help you discern whether you were mis sold a pension. We then move on to look at whether you can claim for a pension taken out both before, and after 2008 (this is a significant cut off date, more on this below). We also cover pensions that were transferred on the death of the original pension holder, and how these can be the basis of a claim in some cases.

The final part of this guide covers aspects of the claims processes, including some advice on how to begin your claim. We have also provided a table, that lists possible compensation amounts for these claims. Finally, we introduce our No Win No Fee claims service. This service is available to people all across the UK, and is a simple yet effective way for you to have your claim processed in a financially risk-free manner.

What Is A Mis-Sold Pension?

Claims for the financial mis-selling of pensions have been on an upward trend since June 2008 (we will explain why further down the page). Whenever financial institutions such as banks or Independent Financial Advisors (IFA) are found to have misguided customers, selling them the wrong pension, they can face hefty fines. Despite this, customers can still be offered bad advice, resulting in them investing in the wrong pension scheme.

Whenever an IFA or a financial services firm is selling a pension product to a customer, they must conform with very stringent rules and regulations. This includes making sure they collect the proper information form you, and advise you of all of your options. For example:

  • Your current and historic health and medical situation must be evaluated as part of the product selection process.
  • Your advisor must make sure to give you all the information that you need to make a proper decision.
  • You must be warned when you are offered a potentially risky investment proposition such as transferring your pension into an SSAS or SIPP, or investing in property syndication projects, or carbon credits.
  • The advisor must provide you with a full range of product options, and not influence your decision by offering you only those which profit the IFA or financial firm.

These are just some of the aspects of the FCA code of contact for Financial Advisors. We recommend you speak to one of our claim experts, who will be able to help you work out if you were mis sold a pension.

Pensions In Brief

Your pension is intended to be your pot of funds, to allow you to live a comfortable life, without financially worry, when you finally retire. Generally, a person will contribute towards their pension fund for much of their working life, transferring their pension between employers as they change jobs.

When a pension (or pension transfer) is mis sold, this can have a very severe negative effect on the financial health or a person in their retirement. Potentially costing them hundreds of thousands of pounds or even more.

Pension Annuities

A pension annuity is not the same as a pension. A normal pension is a pot of funds you have accrued through making small regular payments for many years. Your pension then pays you a sum of money each year to live on when you start claiming it.

An annuity works differently. An annuity is purchased (for a lump sum usually), much later, usually when a person is ready to retire. The annuity they have purchased then provides them with an annual payment, each and every year until death.

There is a UK Government website that explains this important difference between a pension and an annuity at this like:

UK Government information about guaranteed incomes schemes

How Do I Know If My Pension Was Mis-Sold Or Eligible For Compensation?

For you to make a claim, you must have been provided with the wrong pension or annuity. When we look at pension mis-selling examples, we find that there tends to be specific things that make a claim valid. For example:

  • A pension was transferred into a Self-Invested Personal Penson Plan (SIPP).
  • A pension or annuity involved in investing in certain risky areas such as property (in the UK or overseas), carbon credits, storage pods, car park schemes, etc.
  • You were advised to transfer out of a company pensions scheme into a private pension scheme, when the company scheme would have provided better financial performance?
  • The advisor selling you the pension or annuity pressured you into making a choice, without providing you with a wide range of choices, with full disclosure of the benefits and pitfalls of each one.

These are just some of the ways that your financial advisor may have misinformed you, and sold you a pension or annuity product that was not the most suitable. We recommend that you speak to one of our claim advisors, explain your situation, and learn whether you may be eligible to claim or not.

What Are Mis-Sold Pension Annuities?

When you are ready to buy an annuity, you have the right to evaluate as many financial products as you wish to, so that you can track down the best deal for your own circumstances. You are not limited to the range of annuity products that are offered by the firm that runs your pension scheme.

By shopping around, you can potentially unlock a far greater financial return, meaning more income during your retirement. Your pension firm should (by law) inform you of this when you are shopping for an annuity. They must also tell you if you qualify for some form of an enhanced annuity. If they do not, then you could have a valid basis for making a claim.

The UK’s Top 30 Largest Employers

  1. Mis Sold NHS Pension
  2. Mis Sold British Army Military Pension
  3. Mis Sold Department of Work and Pensions Pension
  4. Mis Sold HM Revenue & Customs Pension
  5. Mis Sold Ministry of Justice Pension
  6. Mis Sold Ministry of Defence Pension
  7. Mis Sold Metropolitan Police Service Pension
  8. Mis Sold Royal Air Force Pension
  9. Mis Sold Royal Navy Pension
  10. Mis Sold Network Rail Pension
  11. Mis Sold BBC Pension
  12. Mis Sold Home Office Pension
  13. Mis Sold Scottish Government Pension
  14. Mis Sold Department for Transport Pension
  15. Mis Sold Welsh Government Pension
  16. Mis Sold Parliament of the United Kingdom Pension
  17. Mis Sold John Lewis Pension
  18. Mis Sold Arcadia Group Pension
  19. Mis Sold Dixons Carphone Warehouse Pension
  20. Mis Sold Specsavers Pension
  21. Mis Sold SSP Pension
  22. Mis Sold GSK Pension
  23. Mis Sold Swire Pension
  24. Mis Sold Specsavers Pension
  25. Mis Sold New Look Pension
  26. Mis Sold Shop Direct Group Pension
  27. Mis Sold Coral Pension
  28. Mis Sold TI Automotive Pension
  29. Mis Sold Ford Pension
  30. Mis Sold Jaguar Landrover Pension
  31. Mis Sold Vauxhall Pension


Mis Sold Pension IFA’s

  • Mis sold Consumer Wealth
  • Mis sold Foreman Financial Services
  • Mis sold Grainger & Co Financial Services
  • Mis sold C3 Financial Services Limited formerly Foyle & Lagan Limited
  • Mis sold MY IFA Friend
  • Mis sold Active Wealth (UK)
  • Mis sold Blue Infinitas
  • Mis sold Alderley Asset Management
  • Mis sold Douglas Baillie Limited
  • Mis sold 1 Stop Financial Services
  • Mis sold Carter Henderson Associates Limited

Pension Schemes

  • Mis sold Strand Capital
  • Mis sold Beaufort Securities
  • Mis sold Guinness Mahon
  • Mis sold The Lifetime SIPP Company
  • Mis sold Fast Pensions
  • Mis sold GPC SIPP
  • Mis sold Greyfriars Asset Management LLP

Checklist – Was My Pension Or Pension Annuity Mis-Sold To Me?

We have produced this simple checklist below, that will be able to give you a rough idea of whether people have a valid reason to make financial mis selling claims. If one of these statements below was true in your case, you could be eligible to claim.

  • The financial advisor failed to ask you about a medical condition you were suffering from at the time you purchased your pension or annuity.
  • The financial advisor failed to ask you about the way you live your life, and your habits, such as whether you smoke or drink, before you purchased your pension or annuity.
  • The financial advisor did not tell you that there may be other pension or annuity products than the ones they are offering you, that could be a better deal and perform better financially.
  • You transferred your pension into a Self-Invested Personal Pension plan (SIPP).
  • Your pension or annuity involves investing in risky prospects such as property syndicates, ethical forestry, green oil, carbon credits, etc.
  • The financial advisor helped you to move your company pension to a private pension scheme, even though the company pension would have eventually performed better form a financial viewpoint.
  • The financial advisors pressured you into making a quick decision, without allowing you time to consider the offer fully, or the time to evaluate other products from other financial firms, so that you could find the best deal.

If any of these statements above is true about your own pension or annuity, we could be able to help you to make a claim. We recommend you have a conversation with a member of our claims team. They will go over your circumstances with you, and be able to tell you whether you have a valid claim or not.

Could I Claim For An Annuity Taken Out Before July 2008?

Unfortunately, when it comes to financial mis selling cases prior to June 2008, the route to making a claim is far from clear. The Financial Conduct Authority first introduced pension/annuity sales guidelines on this date. These guidelines, in effect, regulate how a financial advisor must communicate with their clients, and offer the best advice at all times, regardless of which products produce the most profit for the financial services provider.

The FCA is not actively reviewing cases of financial mis selling that took place before these rules came into effect. However, you may still be able to make a claim in some cases. We recommend you take to our claims team, who will be able to evaluate whether you have a valid claim or not if your pension or annuity was purchased prior to June 2008.

Could I Claim For An Annuity Taken Out After July 2008?

When it comes to financial mis-selling, solicitors could be able to process a claim for pensions or annuities that were purchased after July 2008. As we went over in the section above, in June 2008 the FCA laid down very stringent rules on how financial advisors must approach selling these kinds of financial products. If they are deemed to be in breach of these rules, then it could be possible for a legal team to process a claim for you

Statistics For Mis Sold Pensions View Graph

Statistics Graph For Mis Sold Pensions

Statistics Graph For Mis Sold Pensions

Payouts to savers who had been wrongly advised to give up company pensions have more than doubled and concerns grow that a mis-selling pensions scandal is unfolding in the pension transfer market. New statistics from the (FSCS) Financial Services Compensation Scheme, the fund shows that payouts to clients who had been wrongly advised to transfer rose in 2018 to more than £40m.





Could I Claim If The Pension Was Transferred To Me After The Owners Death?

if your partner was mis sold a pension or annuity, for any of the reasons that were covered in the section titled Checklist – Was My Pension Or Pension Annuity Mis-Sold To Me? then you could have a valid reason to make a mis sold pension transfer claim.

Just because the original pension or annuity holder has deceased, does not let the financial services provider that mis sold it from being pursued for damages. Your partner’s pension or annuity will have now rolled into your own retirement finances. Any detrimental effect on the performance of your partner’s pension or annuity will one be affecting you. Therefore, you have every right to pursue a claim to compensate you for this. If you talk to one of our claim advisors, they will be able to explain the process of making a third party claim.

How To Start A Compensation Claim For A Mis-Sold Pension

Even though you could potentially send a mis sold pension letter, based on one of the many public domain mis sold pension letter templates that are available, to try and make your own claim, there is no substitute for professional legal help. Furthermore, we can offer you a way to get this legal help at no financial risk to yourself (more on this below). However, there are some things that you can do yourself, to get ready for making a claim, and these include:

  • Use the checklist we provided a little further up this guide, to work out if you may have a valid claim.
  • Gather all of the documentation that you have, related to your annuity or pension, so that a professional legal team can evaluate it.
  • If you have any evidence of why or how your annuity or pension was sold to you in a way that failed to meet FCA guidelines, prepare it for submission to your legal team.
  • If you previously had a company pension but transferred it to a private pension on the advice of your financial advisor, try to locate your owl pension information (this may mean creating a list of previous employers who held your pension for you).
  • Use the number at the bottom of this page, to speak to one of our claims team. They will be able to build on the preparation you have done, and help to get your claim moving forward.

Don’t worry if you can’t carry out all of these steps, they are not a prerequisite to making a claim, and we can still try to help you, these steps simply streamline the claims process somewhat.

Mis-Sold Pension Compensation Claims Calculator

It is difficult to come up with a number for the average compensation for mis sold pension, as each claim is fairly unique. However, the table below should give you an idea of how much you could receive.

Size of Pension or AnnuityPotential Level of Compensation
Small to mediumRanging from £30,000 to £50,000 depending upon circumstances.
Medium to largeRanging from £50,000 to £150,000 depending upon circumstances.
LargeCan range up to £150,000 and possibly more in some cases.

The best advice would be to speak to our team, to find out how much you could claim for a mis sold NHS pension.

No Win No Fee Mis-Sold Pension Compensation Claims

We provide a national No Win No Fee claims service, to all people across the UK who have been the victims of pension or annuity mis selling. You are at no financial risk when you use this service, as you never pay anything unless you have been awarded a settlement.

When we begin working on your claim for you, we won’t charge you a fee. While we are processing your claim, no matter how long this takes, we still won’t charge a fee. If for some reason we are unsuccessful, and can’t get you any compensation, we zero our fee entirely, and you pay nothing. When we are successful, we will take our fee from the money we have received on your behalf, and then pass you the remainder.

Contact Legal Expert Today

We can help with many kinds of claims, including mis sold pensions SERPS related, and mis sold pensions SIPP related. If you think you have been mis sold an annuity or pension product, you should reach out to our claims team on 0800 073 8804. One of our claim advisors will go over your case with you, and let you know how we can be of assistance.

Helpful Links

You may find these external links to be useful to you:

UK Government information on how to complain about pensions

What to do if you think you were mis sold a pension

These additional guides on this site might also be useful:

A guide to making PPI claims

What are No Win No Fee solicitors?

Financial Ombudsman Pension Information

Citizens Advice On Pension Information – General information about pensions from the Citizens Advice.

Ofcom Mis Sold How To Report Cold Call – If you believe you were missold a service, complain to Ofcom.

FCA On pension providers –  FCA information on pension reforms.

FCA On How to avoid pension scams? – For information on how to avoid pension scams and mis sold pensions visit this link.

Financial Services Compensation Scheme – Information On Pensions.



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