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

On this page, you will find a guide to making a claim for mis sold Specsavers pension compensation. Before we get into the meat of this guide, it is important that we point out that your claim would not be against Specsavers but the financial advisor who gave you incorrect or mis leading advice when you transferred or invested your company pension.

In this guide, you will learn about many of the ways that financial mis-selling can take place, and why this could leave you with a valid cause to make your own claim. If you have questions that are unanswered by this guide, please speak to one of our team of experts on 0800 073 8804. They will be able to give you the answers that you need.

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A Guide To Mis Sold Specsavers Pension

Specsavers mis-sold pension claims guideThis guide is aimed at people who have suffered some form of financial loss either in the present time, or they will in the future based on projected pension performance due to financial advisors not giving all the information that was needed or giving mis leading information when a person decided to invest or transfer their pension from their company scheme. All of the information is related to third-party pension funds. This guide starts with some general information. We start by explaining what a workplace pension is, and how moving a workplace pension into a private pension can result in financial mis-selling. We also explain why an annuity is different from a pension, and what a mis-sold annuity is. Finally, we cover mis-sold SIPPs and mis-sold pension transfers in this part of the guide.

The next section of the guide relates to the circumstances of the mis-selling. We go over some of the key indicators that may hint that you was mis sold a pension product. We also give a simple checklist, that will help you decide if you might have reason to make a claim. Additionally, in this part of the guide, we look at how financial mis-selling can affect people who have inherited a pension or annuity. We also list financial institutions that offer financial advice, as well as some statistics related to the mis-selling of pensions.

The final part of this guide relates to the claims process itself. We have included a simple table that shows prospective compensation ranges, and some basic steps you can take towards making your claim. We will introduce our claims service in this part of the guide as well. A simple, effective and risk-free way for you to have your claim processed. If you need help with any of the information in this guide, or have additional questions, please speak to one of our team. Call Legal Expert the number can be found near the end of the guide. They will be able to help you further.

What Is A Workplace Pension?

If you are or have been working for Specsavers, one of the main Specsavers employee benefits you will have received, is being entered into the Specsavers employee pension plan. This is what is known as a workplace pension. Contributions are directed, tax-free, directly from your salary or wages. Mis selling can take place if an employee from Specsavers decides that they may want to move or transfer, possibly invest some or part of their pension fund. If given ”bad” advice from a financial advisor and this can be proven resulting in financial loss this may be considered as mis sold pension product.

What Is A Mis-Sold Specsavers Pension?

If you have been working at Specsavers, and are a member of the corporate pension scheme, then if you were to transfer your pension to a private fund, or invest, on the advice of a financial advisor you could be exposed to the risk of financial mis-selling if the advice given is not within your best interests. As you can see that any claim you bring will not be against Specsavers but from where the financially incorrect advice came from.

There are strict rules and regulations related to the way that a financial advisor must deal with you when offering you new financial products, such as a new/private pension or annuity. They are legally bound to provide you with the best advice they can, even if this advice is contra to the sale itself.

What Is A Pension Annuity And How Does It Work?

Not only pensions can be the cause of a mis sold investment. An annuity can also suffer from the same kind of mis-selling. An annuity is different from a pension. Where a pension relies on the slow trickle of contributions to grow a pension pot over many years, an annuity is purchased for a single lump sum, generally just before retirement, and will provide an annual income for a set number of years, or until death, depending on the kind of annuity purchased.

What Is A Mis-Sold Pension Annuity?

When you are shopping around for an annuity, it is your right to look for the best deal, and to expect to be given accurate, honest advice and information by every financial advisor you speak to during the process.

If you are forced into making a quick decision, without all the facts, and due to not being given the best advice by a financial advisor, you purchase an annuity that causes you financial loss you may have been the victim of mis selling.

What Is A Mis Sold SIPP?

A Self Invested Personal Pension (SIPP) is a type of pension that may hold investments until you retire. The main different between a SIPP and a personal pension is you can manage your own contributions, and generally, decide the level of contributions you wish to make. A SIPP can be a tempting financial product, due to the possibility of potentially claiming 45% of tax benefits on all contributions made. However, if you decided to invest into a SIPP but because you had not been given all the correct advice at the time the SIPP was sold to you and financially you are worse off you maybe able to make a claim for financial mis selling.

Mis Sold Specsavers Workplace Pension Transfers

We covered what a workplace pension is at the start of this guide. For people who spend many years working for the same company, it is generally the best idea to leave their company pension where it is, even if they stop working for the company. This is because a workplace pension is most often going to offer the greatest benefits in retirement, once it has accrued a decent-sized pot. However, some people are tempted to move their workplace pension to a new scheme. There can be compelling reasons to do this in some cases. However, if a person is given wrong, incorrect or inaccurate advice when transferring their company pension to a private pension and they lose out financially then they may have been mis sold workplace pension transfer.

Was My Pension Product Mis Sold To Me?

There are some key indicators that could hint at the fact that you have been the victim of financial mis-selling. Primarily, these would be related to the financial impact the pension transfer had upon you. Either due to the new private pension performing worse than your company pension, or the pension fees being higher than you were told. Both of these reasons, if it can be proven that they were the result of financial mis-selling, could be the basis for making a financial mis selling claim.

Mis-Sold Pension Checker

If you suspect that you have been the victim of financial mis-selling in some way, and want to discover whether mis sold pension claims are a possibility for you, then you can use this checklist below:

  • Did the financial advisor talk to you about any medical conditions that you had at the time you were discussing the possibility of a new pension?
  • Did the financial advisor talk over your life habits, whether you smoke or drink, and the kinds of sports and hobbies you are involved in, when selling you a new pension?
  • Did the financial advisor make it clear to you, that there may have been other, alternative pension products that would be better than the ones they were proposing?
  • Did the financial advisor sell you a pension that was a high-risk investment, leveraging investments such as property syndication or carbon credits?
  • Did the financial advisor recommend that you transfer your pension away from your workplace pension scheme, even though eventually the workplace pension would have been the better performer?

All of these could be a valid reason to make a claim for a mis-sold pension, annuity, or any financial product. Any one of them is a serious breach of the current rules and regulations relating to the way that financial products are sold. Our team of experts will be able to evaluate your claim, and let you know whether you have a good chance of being successful. The number at the end of this guide can be used to contact them.

The Pension Or Annuity Belonged To My Partner, Could I Make A Claim After Their Death?

A case of pension mis-selling relates to the pension that was mis-sold, not to the person that bought it. Why is this an important distinction? Because many pensions are inherited by a partner, spouse or child when the original beneficiary dies. This inherited pension becomes an integral part of their income. If this income has been negatively affected due to the pension being mis-sold due to mis leading advice from a financial advisor, then they have every right to pursue the party that was guilty of financial mis-selling for compensation. The same is true of inheritable or joint annuities. If one partner dealt with the sale and then died, the other partner can claim if the sale involved mis-selling. Put simply, if you inherited the benefits of a pension that has been mis-sold in any way and it has been affected financially by losses, we could be able to help you to make a claim. Use the number at the end of this page to speak with our team, they will be able to tell you more.

Pensions And Annuities May Be Administered By One Of These IFA’s

If you need to make a claim for a mis sold pension, it won’t be Specsavers that you make the claim against. It will be the financial advisors, pension firm or fund administrator that was involved in the mis-selling. Once you have transferred your workplace pension away from Specsavers, they are no longer involved in the process of making a claim.

These are the main IFA’s in the UK.

  • 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

These are the main 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

How Frequently Are Pensions Mis-Sold?

In recent years, claims for mis-sold pensions and other financial products, have become more prevalent. Since 2016, the number of mis-sold pension claims has doubled. Data published by the Financial Services Compensation Scheme (FSCS) shows that in 2018, there was over £40 million in compensation paid as a result of these kinds of claims. In 2017, there were £37.5 million worth of claims made, and in 2016, just £20 million. It is estimated that somewhere in the region of £40 billion worth of valid claims could potentially be made covering the period since the new mis-selling rules were introduced in 2008.

All of this data was provided by choose.

Mis-Sold Pension Compensation Calculator

It is very difficult for financial mis-selling solicitors to answer the question, what is the average compensation awarded for a financial mis-selling claim related to a pension? This is because no two claims are alike, each has its own unique circumstances. However, the table below does give an idea of the possible range of compensation that you could receive.

Value of the Pension or AnnuityPotential Level of Compensation
Small to mediumCan range from £30,000 to £50,000 based on specific circumstances.
Medium to largeCan range from £50,000 to £150,000 based on specific circumstances.
LargeRanging up to £150,000 and could possibly be more in certain cases.

If you want to get a much more accurate idea of how much you might receive in compensation if you make a mis-sold pension claim, please use the number below to speak to one of our team of experts, they will be able to help you.

No Win No Fee Pension Mis Selling Claims

If you have suffered financially due to a mis-sold pension product, you don’t want to risk losing even more money, by paying to have your claim processed. We can help with this. We offer a No Win No Fee claims service to all residents of the UK. Here at Legal Expert all our solicitors work on a No Win No Fee basis meaning you will not have to pay them any moneys until the case is won and even then it is taken out of the compensation.

We won’t charge you anything when we first start working on your claim, and we won’t charge anything as we process your claim, even if this ends up taking several months. Furthermore, if we fail to get you any compensation at all, we will zero our fee and you pay nothing. We only charge a fee when we have received a compensation payment for you. We will then automatically deduct our pre-agreed fee as a percentage of the money received for you, and then give you the rest. If you would like to know more about the way this claims service works, or how it can help you to get the compensation you are eligible for, please speak to one of our experts today on the number below.

Financial Mis-Selling – What To Do If You Have Been Affected

Have you been the victim of pension mis-selling? If so, there is a process you need to follow before starting your claim. First, you need to make a pension mis-selling complaint. This starts with sending a mis sold pension letter complaint in a to the fund administrator. You may find that you are able to find a suitable mis sold pension letter template online to do this.

This complaint will be evaluated by the pension fund administrator, and they may decide that it is valid, need to investigate it further, or eventually refute it entirely. In the last case, you would then need to begin the process of making a compensation claim against the company. This is something that we can assist you with. If you use the number below and speak to one of our team of experts, they can evaluate your claim for you, and advise on the best course of action.

Contact Our Financial Mis-Selling Team

Have your retirement funds suffered due to bad advice or financial mis-selling in some way? Do you believe that you may have a valid reason to make a claim for this? If so, speak to one of our team of experts today on 0800 073 8804. They will go over your claim with you, and once they know enough about your circumstances, will offer you some free legal advice on how to go about moving your claim forward.

References For Victims Of Financial Mis-Selling

We have included these external links, which may provide you with some useful, additional information:

Information on UK pension claims and complaints

You may also like to read these additional guides, that we have published elsewhere on this sire:

A general guide to claiming for a mis-sold pension

How to make a PPI claim

Edited By Melissa.

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