Coral Mis Sold Pension Claims Guide – How To Claim Compensation And Calculate Amounts Payouts – 2019 Update
The Ladbrokes Coral group had over 16,000 employees in 2016. Many of them are offered membership into the company’s pension scheme. The pension is designed to prepare Ladbrokes Coral staff for life after retirement with members and their employer making contributions throughout the employee’s time with the company. This guide aims to explain what you should do if you are seeking mis sold Coral pension compensation because of financial losses when you decided to move the pension from the company scheme due to mis leading advice from a financial advisor.
These claims are not against the Ladbrokes Coral group or the company who issued the pensions in the first place but will be aimed at financial advisors who have given pension holders inappropriate advice when they have moved away from Ladbrokes Coral pension scheme and who’ve breached the Financial Conduct Authority’s (FCA) guidelines on the selling of pension products.
If you would like to discuss making a mis-sold Ladbrokes Coral group pension claim today, then please call 0800 073 8804. Alternatively, you can find out more before calling by reading the rest of this guide.
Select A Section
- A Guide To Claiming Compensation For A Mis Sold Coral Pension
- What Does A Workplace Pension Mean?
- What Is A Mis Sold Group Pension?
- What Is An Annuity?
- Was My Annuity Mis Sold To Me?
- Mis Selling Of SIPP’s And SERPS
- Had Bad Pension Transfer Advice? Could You Claim?
- Was My Coral Group Pension Mis Sold?
- Checklist – What Constitutes A Mis Sold Pension Product?
- Could I Claim If The Original Owner Of the Pension Has Died?
- Independant Financial Advisors
- How Many People May Have Been Victim To Financial Mis Selling?
- Calculating Compensation For A Mis Sold Pension
- Pension Mis Selling No Win No Fee Claims
- I Think My Pension Was Mis Sold To Me, What Should I Do?
- Talk To Us
- References And Further Information
A Guide To Claiming Compensation For A Mis Sold Coral Pension
Throughout this guide, we’re going to provide information on mis sold pension claims and specifically, how to claim mis sold Ladbrokes Coral pension compensation. We’ll explain how you may have been mis sold a pension product when leaving your company pension (including mis sold pension SERPs, mis sold SIPPs and mis sold pension transfer claims).
To help you understand whether you have a chance of making a claim, we’re going to provide a checklist that shows how a financial advisor may have breached FCA regulations which could make you eligible to claim.
Whether you were a member of a Ladbrokes pension scheme, a Coral pension scheme or a Ladbrokes Coral group pension, we should be able to help you understand whether you have been the victim of pension mis-selling when you transferred your pension from the company pension due to mis leading financial advice from an advisor and whether Legal Expert could help you with a no win no fee claim.
Remember, any mis sold Coral pension compensation claim we discuss in this guide are not against the Ladbrokes Coral group pension but could be against an independent financial advisor who provided wrong or bad advice when moving your pension out of the company.
What Does A Workplace Pension Mean?
A workplace pension is a scheme provided by employers to provide for your future. Under government rules, employees are ‘auto-enrolled’ into a pension scheme unless they opt out so long as they:
- Have not already enrolled into a pension.
- Are over 22 years old and below the current age for claiming the state pension.
- Earn in excess of £10,000 per year.
- Usually work for the company within the UK.
Being a member of a pension may mean you’re benefitting from tax relief from the government and as well as your own contributions, your employer will be contributing too. From 6th April 2019, the employer minimum contribution towards your pension was increased to 3%.
The Ladbrokes and Coral pension plan is a workplace pension and, according to their latest documentation, the contribution towards your pension by your employer is variable depending on your pay grade within the company but the minimum is currently 6% (July 2019).
What Is A Mis Sold Group Pension?
Financial mis-selling solicitors have dealt with more and more pension mis-selling complaints in recent years because the FCA introduced new regulations and guidelines on pension selling in 2008. These guidelines, aimed at financial advisors and others selling pension products, made it easier to see what an advisor should be doing to ensure their customer can make an informed decision about any pension or annuity.
The regulations require financial advisors to:
- Ensure customers have all of the relevant product information to allow them to make an informed decision.
- Make sure the customer is aware that a risky product that is being recommended is risky (like SERPs, commercial property schemes, SIPPS and carbon credit schemes).
- Check the customers current and historical lifestyle choices and health records before recommending a product.
- Making sure the customer has a full range of financial products on offer rather than a limited choice to lead them to choose a particular product.
Making a mis-sold pension claim prior to 2008 is possible but the new regulations make the process a lot clearer. You could speak with us about older claims or seek advice from the Pensions Ombudsman too.
What Is An Annuity?
An annuity is an insurance product that you can buy with your pension pot when it becomes available to you. It offers a guaranteed annual income for the rest of your life (or a set number of years for some products).
You can decide who to buy an annuity from and you don’t have to stick with those provided by your pension provider but, you may have been mis-sold your annuity so please read the next section for more details.
Was My Annuity Mis Sold To Me?
You may be able to make a financial mis selling claim if your financial provider failed to tell you that you were allowed to shop around for your annuity (i.e. you are not tied into using products they sell or recommend).
Furthermore, if your financial advisor failed to inform you that there may have been better alternatives available elsewhere, failed to ask about your health (past and present) or didn’t ask you about lifestyle habits such as alcohol intake or smoking, then you may also have been mis sold your annuity. In order to make any mis selling claim you must have suffered financially due to improper, incorrect and poor advice. There must be evidence to back such claims up.
Mis Selling Of SIPP’s And SERPS
Self Invested Personal Pensions or SIPPs are actually approved by the Government, but you may be able to seek compensation for mis-selling if the reasons you were sold one or the way it was sold was not done correctly and you suffered financially as a consequence.
You might be able to claim compensation for SIPP mis selling if:
- The pension advisor recommended a SIPP and nothing else.
- They advised you that SIPPS were better than traditional pensions.
- You weren’t advised of any potential risks associated with SIPPs.
- The advisor recommended a SIPP but didn’t recommend what investments be made within the SIPP.
- If the SIPP was recommended for tax purposes rather than to benefit your pension.
Had Bad Pension Transfer Advice? Could You Claim?
It is sometimes possible to make a mis sold pension transfer claim if you were given incorrect advice about transferring funds out of your personal pension scheme or workplace pension and you suffered financially as a result.
You might be able to claim if any of the following happened to you:
- The new product had fees or charges you were not told about.
- You weren’t advised of all of your options that may have had a better return.
- The advice given was to transfer out of your employer’s scheme which caused a financial loss.
- The transfer was to a riskier pension product, but those risks weren’t explained.
Was My Coral Group Pension Mis Sold?
To help you understand if you might’ve been involved in the UK mis selling scandal, here are some things to look for. Remember this guide to mis selling is about when you transferred out of your company’s scheme due to poor advice from an independant financial advisor. We’ll provide a checklist to see if you’re likely to be able to claim in the next section.
- You weren’t told about the terms and conditions.
Any financial product, including pensions and annuities, come with terms. A financial advisor should always tell you the key terms verbally then provide you with a hard copy for reference.
- The advice was to move out of your workplace pension.
To move out of a workplace pension, where there may have been no fees or administration charges, could be deemed poor advice. It may have been better to remain in work scheme.
- You were advised to move to a risky pension product.
If you told the advisor that you wanted a low-risk or risk-free product but they guided you towards a risky product and didn’t explain the risks, then you could make a claim. The same is true if they promised a set return each year but that didn’t happen.
- The advisor wasn’t as experienced as they suggested.
If you put your faith in a financial advisor because they advertised or told you they were more experienced than they actually were, then you may be able to claim against them if you lost out because of their advice.
Checklist – What Constitutes A Mis Sold Pension Product?
Now, to help you work out if you might be able to make a claim or not, we’ve provided a pensions mis-selling checklist. If you answer yes to at least one of the following questions then we could help you begin a claim using our no win no fee pension mis selling claims service for any financial losses, so please get in touch.
- Were you pressured in any way to make a quick decision?
- Did you transfer funds out of a workplace pension?
- Did the advisor fail to ask about your lifestyle habits such as your smoking or alcohol consumption?
- Were you advised to transfer your pension pot into a risky product such as forestry schemes, carbon credits or commercial property schemes?
- Did the advisor fail to discuss your current or historical health?
- Were you advised to transfer your pension into a SIPP?
- Did the financial advisor fail to inform you about a range of other options so that you could make your own informed decision?
Having completed our check list, if you think you could claim mis sold pension compensation, then please contact one of our specialist advisors. We offer a free, no-obligation, assessment of your claim and free legal advice about your options.
Could I Claim If The Original Owner Of the Pension Has Died?
You may be able to make a claim for mis sold pension compensation if the pension you’re receiving was transferred to you upon the death of a partner or loved one. Just because they have passed away does mean you can’t make a claim if the they were mis sold a pension product by a financial advisor.
Take a look at the section below which covers the types of evidence that you should try to provide to help prove your claim.
Independant Financial Advisors
We have mentioned Independant Financial Advisors (IFAs) throughout this guide as companies or individuals who may have provided pension advice. For your information, here are a list of some IFAs who may have handled your pension advice.
- Active Wealth (UK).
- Blue Infinitas.
- Alderley Asset Management.
- MY IFA Friend.
- Douglas Baillie Limited.
- 1 Stop Financial Services.
- Carter Henderson Associates Limited.
- Grainger & Co Financial Services.
- C3 Financial Services Limited (formerly Foyle & Lagan Limited).
- Consumer Wealth.
- Foreman Financial Services.
- London Capital & Finance.
Pension Scheme Providers
- Fast Pensions.
- The Lifetime SIPP Company.
- Greyfriars Asset Management LLP.
- Strand Capital.
- Beaufort Securities.
- Guinness Mahon.
- GPC SIPP.
- Surge Financial
- JNF Capital Limited
How Many People May Have Been Victim To Financial Mis Selling?
In the 3-year period since 2016, the number of claims for pension mis-selling has almost doubled. This is partly because of the new regulations from the FCA in 2008 and partly because people are realising how much they’ve lost and the fact that they have a chance to claim.
In 2016 there was around £20 million in mis sold pension claims recorded. 2017 saw just over £37 million and in 2018 the figure climbed to around £40 million.
Calculating Compensation For A Mis Sold Pension
Because every pension mis selling case is different, calculating an average compensation amount is quite a tricky thing to do. Pension pots vary in size and age differences make working out the compensation different in most cases.
Therefore, please use the table below as an indication of what your claim for mis sold pension compensation might be worth but please call us to discuss your case specifically.
|Relative size of pension pot||Indicative Amount of Compensation|
|Small to medium||Amount could be in the region of £30,000 to £50,000|
|Medium to large||Amount could be somewhere in the region of £50,000 to £150,000|
|Large||Amount could be amount somewhere in the region of £150,000 or possible more dependent on circumstances.|
Pension Mis Selling No Win No Fee Claims
Here at Legal Expert, we understand that many people worry about the financial risk involved with claiming and the cost of hiring a specialist solicitor. That’s why, for any case we take on, we agree to work on a no win no fee basis.
No win no fee means that:
- We don’t require any up-front payment to begin the claim.
- If we fail to win the claim, you don’t have to pay us at all.
- And if we do win, we’ll take our success fee directly from the compensation which means you don’t need to find the funds to pay us yourself.
Success fees are limited by law to 25% of your compensation and are used to pay the solicitor for their services and time. When you sign a no win no fee agreement, it will clearly state what success fee will be due should the case be won. This means there are no shocks or surprises when a claim is fully settled.
I Think My Pension Was Mis Sold To Me, What Should I Do?
Having read this guide, if you now believe you could claim for mis sold Coral pension compensation, here are some steps you should take to help with the claims process:
- Re-complete our checklist to ensure you answer ‘yes’ to at least one question in the list.
- Compile a detailed list of your pension history including employers’ details, employment dates and pension scheme names.
- Collect up as much documentation relating to the pension product you believe was mis sold.
- If you have any emails or letters from your financial advisor which you believe proves they offered you poor advice, then print them out.
- Also, if you have any other evidence that proves any of the FCA regulations discussed throughout this guide were breached, print those also.
Talk To Us
To contact Legal Expert to start your mis sold Coral pension compensation claim, there are a number of ways that you can get in touch. You can:
- Call us on 0800 073 8804 and speak directly to one of our specialist claims experts.
- Email us at firstname.lastname@example.org with details of your claim so that we can get back to you.
- Use the live chat feature which is found on any page of the Legal Expert website and can be used 7 days a week.
- Or fill in this online claim form and we’ll get back to you when it is convenient.
Remember, whichever way you contact us, we’ll always offer free legal advice about making a claim and a no obligation initial assessment of your claim. You can ask as many questions as you may have and we’ll ask about the advice you were given, who provided it and what your financial losses were. If we believe you have a strong case for compensation, then we could offer a no win no fee agreement to begin your claim.
References And Further Information
Now that you’ve come to the end of this guide about mis sold Coral pension compensation claims, we’ve listed some additional resources and external links which we hope you’ll find helpful.
Pension Wise Free Advice – Pension wise can provide free impartial advice about what to do if you’re over 50, have a workplace pension and want advice on your options.
FSCS Pension Protection – Information from the FSCS about the amount of cover they offer if a pension firm fails and what to do if it happens.
Avoid Pension Scams – A guide from the Financial Conduct Authority about how to avoid pension scams that could ruin your retirement.
Mis Sold Pension Claims – This guide covers the general mis-selling of pensions rather than just mis sold Coral pension claims.
PPI Claims – Another guide about financial mis selling, this one covers the payment protection insurance (PPI) saga which comes to an end soon.
If there is any more information you require relating to making a mis sold pension compensation claim, then please don’t hesitate to get in touch. We’re happy to answer any questions that you may have.
Authored By Hambridge Edited By Melissa.