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Ford Mis Sold Pension Claims Guide – How Much Compensation Can I Claim If My Ford Pensions Was Mis Sold?

Have you received incorrect advice on what to do with your Ford pension? Was the information you were given when you transferred your Ford pension wrong? There could be a chance that you may be able to make a claim for compensation if you have suffered financially due to mis sold Ford pension.The mis selling scandal is arguably one of the biggest scandals to hit the financial services sector in recent times. A lot of people may have received poor advice regarding what to do with their pension, ranging from not being given the full range of options to the financial advisor not taking a persons health into consideration.

If you have been given mis leading advice when you transferred your Ford pension, you may be able to make a claim for a mis sold Ford Group pension. In this guide, we are going to discuss the mis selling of pensions, as well as talking you through the claims process. It is important to note that these claims are not directed at Ford. They would be made against a financial advisor who may have given you the wrong advice and therefore mis-sold your pension.

Here at Legal Expert, we could help you to claim back any financial losses due to mis sold pension. You can reach us on 0800 073 8804. Plus, there are plenty of other ways to get in touch with us if you would prefer. You will find our contact details in full at the end of the guide.

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A Guide To Claiming Compensation For A Mis Sold Ford Pension

Ford mis-sold pension claims guideIn this guide, we are going to discuss how a financial advisor may have given you mis leading information when they advised what you should with your Ford pension. Any claims that could be made will not be against Ford but the financial advisor who submitted the incorrect information. We will also try to answer some of your most pressing questions. For example: Does Ford offer pensions? Does Ford have a pension plan? What is the Ford retirement plan? Can I still claim for mis sold pension? Where can I complain about my pension? Was I mis-sold Serps? Is there an ombudsman for pensions? These are just some of the questions that you may have. We will also discuss some of the different circumstances that could result in a mis sold Ford Group pension. We will also tell you more about the service that we provide, as well as some of the steps that you might wish to take in order to give yourself the best chance of securing a payout. If you still have any queries by the time you finish reading this guide, please do not hesitate to give us a call for more information.

What Is The Ford Company Pension Scheme?

The company pension scheme is there for anyone who works for Ford. It is away to save for retirement. There are a number of benefits available to members. It is considered by some to be one of the good company pension schemes out there.

Changes Which Have Been Made To The Ford Pension Scheme

One of the key changes that have been made is that Ford announced that they are going to offer a pioneering choice that means that active pension savers could take half of their pension as a lump some and the other half as as secure company pension. Ford are believed to be the first big company to offer such a benefit. There are currently around 8,500 members that have the ability to make the most of this. This means that members have greater flexibility.

What Could Constitute A Mis-Sold Ford Pension?

There are a number of different circumstances and scenarios that could mean you have been the victim of a mis sold Ford Group pension. This could be because you were advised to transfer your Ford pension to a private pension when you would have got a better return leaving it in the company. It could also mean that you were not given all of the information that you should have been given when you transferred your Ford pension to an Annuity. If you are unsure whether or not your financial advisor has mis lead you then call our expert team for more information.

What Is A Pension Annuity?

You may be eligible for compensation if you have been mis-sold an annuity. You could use part of your pension pot to purchase an insurance policy, which would give you a guaranteed income either for a set number of years or for the rest of your life. This is known as an annuity.  It is possible to take out of your pension pot 25% tax free cash and then use the rest to purchase your annuity. Tax must be paid on your annuity income.

Has My Pension Annuity Been Mis Sold To Me?

It can be called a pension annuity as part of your pension is used to purchase the insurance plan. In order to determine whether or not a pension annuity has been mis sold, there are a few different things that you should take a look at. For example, your annuity may have been mis sold to you if you were suffering from a medical condition at the time your annuity was purchased and your financial advisor failed to ask about this. You may also have been mis sold an annuity if your financial advisor did not tell you that a better deal was available. Another example is if the financial advisor in question did not ask about any of your lifestyle habits, for example, your drinking and smoking patterns. If you are unsure whether or not you have been mis sold an annuity, all you might need to do is give us a call.

Have You Been Mis Sold A Self Invested Pension?

SIPPS are self-invested personal pensions. A lot of people might opt to go for this type of pension because it may give them the option to invest their funds in a greater range of investments. If a financial advisor mis leads you or does not give you all the information you require when investing into a SIPP then it maybe considered as mis sold.

Was I Given Bad Advice About Transferring My Pension?

There are many different reasons why you may be considering making a claim for a mis sold Ford pension. In some pension mis selling cases, people may have been advised to move their pension from the Ford company pension scheme into a private pension. When this happens, you may find that you end up with poorer results than you would have if you stayed in the company scheme. If this has happened you maybe able to claim for a mis sold Ford pension against the financial advisor who mis lead you.

Have I Been Mis Sold A Pension Product?

It could be hard to know whether you have been mis-sold a pension product or not. You may be interested in making a claim if you feel that the decisions you made when it came to transferring or investing your pension were guided by the advisor. If you are unsure whether or not you have been mis sold a pension product please call our advisors and with a no obligation consultation they will be able to advise if you have a valid case.

Check If A Financial Product Has Been Mis Sold To You

If you are wondering whether or not you have been the victim of a mis sold pension, we have got you covered. We have put together a checklist below to help you determine whether you could have been the victim of a mis-sold Ford Pension.

  • Your pension might have been transferred to a SIPP without knowing the risks.
  • Your financial advisor did not ask about your mental health or health condition that you were experiencing at the time.
  • You might have been given advice that meant you invested in assets that are classed as non-standard assets. Examples include storage pods, carbon credits, car park schemes, overseas property, green oil, and ethical forestry.
  • You might have been in a company scheme but your pension advisor advised you to move into a personal pension, even though the company scheme would have yielded better results.
  • You might have felt under pressure or not been offered the best deal when transferring your company pension.
  • Your lifestyle habits were not discussed with your pension or financial advisor, meaning things like your smoking or drinking habits were not taken into consideration.

Claiming After The Death Of The Original Pension Holder

When someone passes away, it is not uncommon for their pension to be passed onto their partner. This means that you may be receiving income from your partner’s pension. If you then believe that your partner was mis-sold a pension product, you may be able to make a mis sold pension claim. After all, you might be now missing out financially because of what happened when the original pension may have been transferred or invested, of course, your partner may also have suffered financially because of this. If you would like more information on these sorts of claims, please do not hesitate to give us a call for more details.

IFAs Involved In Pensions Advice

Below is a list of different companies that offer financial advice services;

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

Pension Schemes

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

Investment Schemes

  • London Capital & Finance

Investment IFA’s

  • Surge Financial
  • JNF Capital Limited

How Commonly Are Pension Products Mis Sold?

As mentioned in the introduction, pension mis-selling is arguably one of the biggest scandals to hit the financial services sector in recent times. Perhaps one of the most compelling statistics is that the amount of compensation that has been paid out has doubled from 2016 to 2018 due to more people realising they may have been mis sold a pension product. In 2016, £20 million was paid out. This doubled to £40 million by 2018.

Calculating How Much You Could Claim If A Pension Product Was Mis Sold

Of course, one thing that everyone might want to know when making a mis sold pension claim is how much compensation they could be in line to receive. In the table below, you can see the average payouts relating to these sorts of cases. It is important to point out that it is not possible to provide a 100 per cent accurate figure of the amount of compensation you are going to get. This is because every mis sold pension claim is handled on an individual basis, ensuring a fair amount is awarded each and every time. Therefore, the circumstances surrounding your mis sold pension will be examined to ensure you receive the right level of compensation. If you would like further information on payout amounts, though, please do not hesitate to give us a call and we would be more than happy to assist you in any manner that we can.

Size of annuity or pensionThe potential level of compensation
LargeCould range up to £150,000. In some cases, it is more than this.
Medium to largeRanging from £50,000 to £150,000. The exact amount depends on the circumstances.
Small to mediumRanging from £30,000 to £50,000. The exact amount depends on the circumstances.

No Win No Fee Mis Sold Pension Product Claims

When it comes to making a mis sold Ford pension transfer claim, or another type of pension transfer mis sold claim, one of the most important factors is to find a solicitor that could make a claim on your behalf. There are lots of different qualities you may be looking for in the solicitor you choose. Of course, you may want to have a solicitor who has plenty of experience and has a good track record when it comes to mis sold pension claims.

However, we believe one of the most important things to look for is a no win no fee solicitor. If you are unsure regarding what this means, it simply means that you are going to work with a solicitor who is only going to charge you legal fees if mis sold pension compensation is secured. A lot of people might be worried about making any sort of claim because they might fear that they are going to spend their money on legal services yet get nothing in return. It is understandable that you may be concerned about this. However, with a no win no fee solicitor, you would not have to worry about this.

What Steps Should I Take Next?

If comes to making a claim for a mis sold Ford pension, one of the most important things we advise that you should to do is find the right financial mis-selling solicitors to work on your case. However, there are some steps that you could take in order to give yourself the chance of getting the maximum amount of mis sold pension compensation for your specific case. This could include the following steps…

  •  Getting all of the paperwork and documents that are relating to your mis sold Ford pension together. This includes all documents about the pension and any communication you have had relating to them. Your solicitor will want to browse over these so that they could give you the right advice based on the facts within these documents.
  • If you have any evidence that helps to back up your claims that you have experienced a mis sold pension, you might want to gather this information too.
  • You might also want to find out if other employees were advised to transfer out of the company pension scheme and into the same company as you were and were caused a financial loss.
  • The last piece of the puzzle is to find an experienced solicitor to help you to make a financial mis selling claim. This is the easy part; all you may need to do is give us a call. We would be more than happy to shed further light on your situation and help ascertain whether or not you may be entitled to compensation.

Contact Us

If you are ready to make a claim for a mis sold Ford pension or you have any queries about doing so, all you need to do is give us a call on 0800 073 8804. This line is open seven days a week, so you can call at any time that is convenient for you. We could advise more about the compensation you could get if you have been mis-sold a pension product, we will always be more than happy to assist you in any way that we can. If you do not want to call our claims line, there are many other ways that you can get in touch with us. You will have probably already noticed the live chat feature on our website. Simply type a message and an agent will get back to you as soon as possible. You can send us an email by entering your contact details and we will get back to you as quickly as we can.

Resources For Victims Of Pension Mis-Selling

  1. Pensions Mis Selling Advice – This link contains our general guidance on mis selling of pensions and is not specific to any workplace or IFA.
  2. PPI – These claims have also hit the news. To find out more about what they are and whether you could have cause to claim, our guide can be found here.
  3. Pensionwise – The Government’s page on Pensionwise.

Edited By Melissa.

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