Was Your Shop Direct Group Pension Mis-Sold? Compensation Claims Specialists

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

Mis-selling is when a product or service is sold to a person using incorrect negligent information and in many circumstances the product or even service does not meet the needs of the buyer. The Financial Conduct Authority (FCA) regulates the financials markets and any financial services in the UK and feel that anything that is sold mis leading a person could be deemed mis-selling. In this guide, we are going to provide information if you have been mis-sold your Shop Direct pension, any claims that could be made will not be made against Shop Direct but possibly the financial provider or through the government scheme.

Shop-Direct Group mis-sold pension claims guideIf you have mis sold Shop Direct Pension you maybe able to claim compensation if it has affected you financially and claims made could possibly be against the financial or pension advisor that mis-sold the pension. Here at Legal Expert, we have many years of experience in the industry and we may be able to help you to make a claim for mis sold Shop Direct Pension compensation. In this guide, we will reveal everything you need to know about doing so. If you would like more information about mis sold pension claims, all you need to do is give us a call on 0800 073 8804. You can also find the rest of our contact information at the end of the guide.

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A Guide To Financial Compensation For A Mis-Sold Shop Direct Pension

For those seeking information for their loved one or for those who worked for companies prior to them becoming a part of Shop Direct, you may be wondering what companies does Shop Direct own? What Catalogues are part of Shop Direct? This includes Littlewoods Ireland, Very Exclusive, Littlewoods.com, and Very.co.uk. However, there are also some brands that used to be a part of Shops Direct, and so you may have received a pension while working for them. This includes the likes of Woolworths, Marshall Ward, Kays, K&Co, Isme, Great Universal, Choice, Abound, and Additions Direct. While working for any of these brands or any part of Shop Direct, you may have joined the Shop Direct Group Ltd Pension Scheme. If at any time you were advised by a financial advisor to transfer your pension or to use the funds to buy into another product that was not suitable for you, did not factor in your health conditions or mis-lead you in anyway and caused you a financial loss you may have grounds for compensation.  Below, you will find plenty of information about doing this. This includes information on circumstances if you mis-sold Shop Direct Group Pension, as well as details about the sort of service that we provide.

What Are Employee Pensions?

A pension is essentially a long-term savings plan. It would be designed to make sure that you have enough funds to ensure that you can live comfortably while you are retired. A pension is more tax friendly than some other forms of savings. A lot of workplaces around the UK may offer a workplace pension scheme. In fact, it could in many cases be the law that you are enrolled in one of these schemes. You should be enrolled into a workplace pension scheme if the following apply to you…

  • You perform work in the UK
  • You earn more than £10,000 per annum
  • You are between 22-years-old and the State Pension age
  • You are not already enrolled into a pension

What Is A Mis-Sold Pension?

There is no denying that the pension mis-selling scandal is arguably one of the biggest issues facing the industry at the moment. Regulators have already witnessed an extreme increase in complaints relating to pensions, with some IFAs and banks incurring hefty fines. Pension advisors have a strict code of practice to follow. For example, when your scheme was taken out, you should make sure that all of the following applied.

  • Your pension advisor should present you with all of the options that are available to you so that you are able to find the best possible deal.
  • Your pension provider should advise fully if you invest in risky sectors, for example, property syndicates or carbon credits.
  • You should feel like your pension provider gave you all of the information that you would need.
  • Your pension provider should take your medical and health issues into account.

If you feel that your pension provider did not follow the code of practice that is in place, there could be a chance you could be able to make a mis-sold Shop Direct Pension claim if you have been affected financially. Please do not hesitate to give us a call for more information about this.

How Do Pension Annuities Work?

When it comes to making claims for mis sold pension compensation, we could also assist you if you were to have been mis-sold a pension annuity. First, let’s explain what this is. You could purchase an annuity using your pension pot. This is an insurance policy that would give you a guaranteed income for the rest of your life. You could draw 25 per cent of your pension pot tax-free as cash. Then you could purchase an annuity with the other 75 per cent. You would get a fixed income for a set number of years or the rest of your life. However, it is important to note that you would pay tax on this.

Was My Pension Annuity Mis Sold To Me?

Now that you might have a better understanding of what an annuity is, you may also be able to claim if you have been the victim of a mis-sold pension annuity. There are many different ways that you could be the victim of a mis-sold pension annuity. This could occur if you were experiencing any sort of health or mental health issues at the time and this was not considered. You may also have been mis sold an annuity if you do not feel like you were presented with all of the options available to you and so you may have missed out on the prospect of getting the best deal.

Claims For Mis Sold Self Invested Pensions – SIPP

SIPPS are self-invested personal pensions. The SIPP scheme gives investors the ability to grow their pension fund using a wider range of products and investments. This could be beneficial for a lot of people, especially those that have a high-risk investment portfolio. Nevertheless, there is no denying that SIPPs have been mis-sold in some cases too. Because you can use a wide selection of products and investments, this means that your capital could often end up in unregulated and riskier investments, ranging from biodiesel and forestry to carbon credits, high-risk hotels, and commercial property. Because of this, you may be able to make a mis-sold claim if you were wrongly advised to move to a SIPP and the information was incorrect and inaccurate at the time.

Bad Advice Related To Pension Transfers

We could also assist you in finding out your position when it comes to making a claim for a mis-sold pension transfer. This occurs when you have been advised to transfer your pension to a different scheme despite the fact that your original scheme would have yielded better results. A financial advisor may suggest moving to another pension scheme which was bad or unsuitable advice, the potential risks of this new scheme were not explained to you, additional information which may have played a huge part in the decision making was left out.

Has A Financial Product Been Mis-Sold To Me?

The pension mis selling scandal has hit the headlines recently, but not everyone may know what this means for them. There are a lot of people out there that may have been a victim of mis-sold pensions yet they may not realise that this is the case. In order to determine whether or not you could have been mis-sold a pension or if you have the basis for a mis-sold Shop Direct Group Pension claim, there are a number of different things you should look at. For example, do you feel like your pension is not providing you with the financial results you were getting when you were in the company scheme? This could indicate that you were  mis-sold a pension transfer. Maybe you had a mental health problem when you took out the pension and you do not feel that this was taken into consideration? If you are unsure regarding whether or not you could be entitled to mis sold Shop Direct Pension compensation, all you need to do is give us a call and we would be more than happy to shed further light on the matter.

Checklist To See If Your Pension Was Mis-Sold

As you may have probably gathered, there are a number of different scenarios and circumstances that can result in you making a mis-sold pension claim. Below, we have put together a checklist to help you to determine whether or not you could have been the victim of mis-sold financial services.

  • Your pension or financial advisor did not enquire about any health or mental health conditions you were experiencing at the time.
  • Your pension advisor or provider did not discuss your lifestyle habits with you at the time, meaning they did not talk about things like your drinking or smoking habits.
  • When taking out a pension, you may have felt like you were under pressure to go for that option and you may not really have had an opportunity to look for a better sort of deal.
  • You were in a company scheme, yet you were recommended to take out a personal pension despite the fact that you would have experienced better results under the company scheme.
  • You may have made an investment in non-standard assets, for instance, car park schemes, carbon credits, green oil, ethical forestry, overseas property, and storage pods.
  • You may have transferred your pension at a SIPP due to wrong advice.

Claim For A Mis-Sold Pension After The Death Of A Loved One

You may be wondering whether you are able to make a mis-sold Shop Direct Group Pension claim on your partner’s pension. When a loved one passes away, it is not uncommon for them to leave their pension to their partner, meaning the income from the pension is transferred to their partner. If this applies to you and you believe that your partner originally had their pension mis-sold to them, there could be a chance that you may be able to make a claim for mis sold pension compensation. After all, the amount of income that you would be receiving from your partner’s pension may be lower because of the mis-selling aspect. Of course, you may also want to claim to get justice for your partner who could have missed out financially as well.

IFAs Who Handle Pensions And Annuities

Below is a list of financial advisors and pension providers. Please note that this is not an exhaustive list.

Pension Schemes

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

Investment Schemes

  • London Capital & Finance

Investment IFA’s

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

How Often Are Financial Products Such As Pensions Mis-Sold?

Most people might agree that the pension mis-selling scandal is the biggest scandal to hit the financial services sector. You may only need to look at the statistics to see that why some people believe this. In 2016, £20 million was paid out for financial mis-selling relating to pensions. This actually doubled to £40 million by 2018, due to the fact more people may have realised they had been mis-sold a pension.

Mis-Sold Pension Compensation Calculator

If you have any queries relating being mis-sold Shop Direct pension, we are always more than happy to assist you in any way that we can. A lot of people might want to know how much mis sold pension compensation they could possibly be entitled to. This is understandable. After all, you might want to ensure that making a case is going to be worth your while. In the table below, we help you to get a better understanding of the average payout for pension mis-selling. It is important to note that it is impossible to give you a fully accurate figure. This is because all cases are different and so they are handled on an individual basis to ensure that a fair amount is awarded every time. If you would like further clarity regarding mis sold compensation pension amounts, just speak to one of our advisors.

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 Compensation Claims For Mis Sold Pensions

If you considering making a claim for mis-sold Shop Direct  Pension, one of the most important things you may need to do is make sure that you have a premium quality solicitor working on your case. After all, there are many financial mis-selling solicitors to choose from. There are a lot of different ways that you could narrow down your search, from assessing the solicitor’s experience to looking at their success record. However, we would advise that one of the most important facets is searching for a legal professional that is happy to work on a no win no fee service. It may be likely that you have heard of this phrase before. However, you may be unsure of how it works if you have not had to find such legal services before. This sort of payment structure does exactly what it says on the tin. If your case is not a success you will not have to pay your solicitor for their time and service. If your case for mis-sold pensions is a success a percentage of your compensation will be retained by the no win no fee solicitor for their services.

What Do I Need To Do If My Pension Was Mis Sold?

Having an expert solicitors on your side to represent you if you are looking to pursue a claim for mis-sold Shop Direct Group pension is key. However, there are some steps that you could take to ensure that your case is strong and give yourself the best chance of securing the mis sold pension compensation that you could receive. This includes the following…

  • You might wish to gather all of the information relating to your pension. This includes any documents and paperwork that you have. Your lawyer will want to take a look at these so that they are in the best place to advise you properly.
  • If you have any evidence that shows your pension was mis-sold, it is also wise to keep a hold of this.
  • You could ask for information regarding any ex-employees that were on the same pension as you. This is relevant if you had a company pension and then you were advised to move to a personal pension.
  • Finally, you could give us a call. If making a mis-sold Shop Direct Group Pension claim, we feel it is so important to have an experienced and quality team of legal professionals on your side. Many people might think they can simply download a mis sold pension letter template and make a claim themselves. They can do, however, since you may not get a second chance to make a financial mis selling claim we think that having an experienced specialist in your corner can only help to maximise your chances of success. Our legal experts have the experience and industry knowhow to fight your corner when we think your pension may have been mis sold to you.

Contact Us

If you are ready to make a claim for mis sold Shop Direct Group Pension compensation or you have any queries about doing so, all you may need to do is give us a call on 0800 073 8804. We would be more than happy to answer any queries that you have, including giving you an understanding of how much mis sold pension compensation you may be entitled to. If you do not want to call our claims line, there are many other ways that you can get in touch with us. For example, you can send us an email, and we will get back to you as quickly as possible. You can also use the live chat feature on our website or you can enter your contact details and we will get back to you as quickly as we can.

Resources For Victims Of Pension Mis-Selling

  1. General advice on mis selling and pensions – Our general guidance on pension mis selling could be read here.
  2. PPI – Another financial product that may have been mis sold to some people is PPI. You can read our guide on claiming here.
  3. The GOV page – Pensionwise – advice offered by the government, can be seen here.

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