Help for victims of miss-sold pensions who find their retirement pot is worthless – The Claims Bureau

An avalanche of claims could be made this year as many UK workers find out their pension pots are worthless.
Ad Feature by The Claims Bureau
Published 21st Nov 2022, 08:11 BST
Avalanche of miss-sold pension claims – here’s how to claim back your lossesAvalanche of miss-sold pension claims – here’s how to claim back your losses
Avalanche of miss-sold pension claims – here’s how to claim back your losses

Two of the largest Pension Administrators in the UK have recently gone into liquidation, leaving the Financial Services Compensation Services to pick up the bill.

Chris Sharman, of The Claims Bureau, believes that many will miss out because of a reluctance to come forward.

“Over the years I have spoken to hundreds of people in distress. They feel embarrassed, angry and in some situations humiliated. Many believe that there is nothing that can be done. Calling them months later to tell them the claim was upheld is an amazing feeling. It’s by far the most rewarding part of the job”

Pension pots left empty by miss-selling – but help is availablePension pots left empty by miss-selling – but help is available
Pension pots left empty by miss-selling – but help is available

The company has seen a rapid climb in the number of people contacting them as more and more people find out the value of their pensions have plummeted, because instead of being invested in a scheme that would steadily grow, they were advised to transfer their money into a Self-Invested Pension (SIPP) which was then invested in a high-risk project.

Only now, as the schemes and SIPP companies the funds were placed with are imploding has the scale of the problem come to light.

Fortunately, The Financial Services Compensation Scheme (FSCS) was established to mitigate the damage and pay compensation for mis-sold financial services. Their Chief Executive, Caroline Rainbird recently remarked (about claimants): “Our customers are extremely vulnerable - they've had pretty awful things happen to them and they're worried, frightened, angry, upset and every emotion that you wouldn't want to see in a customer.

“Some have lost their entire pension pot and have very little chance to recover that because the vast majority of the time, they [only] find out there is no pension pot exactly at the time when they need to claim that pension pot.”

Unfortunately, compensation is not automatic. You must submit a claim, which the FSCS will investigate, to recover your losses.

Although people can do this themselves for free, thousands seek help. Claiming back the money that has been lost can be daunting unless you know what to say and what you can claim. The process is riddled with rules, regulations, confusion about who you claim against, and all the acronyms and jargon.

The Claims Bureau Ltd, based in Sussex, have developed a process that is friendly and easy to understand. Having already recovered tens of millions of pounds in compensation they have a team of experts that can take away the complexity and stress from claiming. They understand the situation people find themselves in and will quickly identify if they can help.

It all begins with a quick and friendly call to find out a few facts. This is usually sufficient for them to determine if your pension has failed or lost its value, and as importantly, whether you have a claim for compensation.

Sharman continued “The initial ten-minute telephone call that gets your claim moving could be worth tens of thousands of pounds if your claim is successful – and 95% are.

“We deal with people on a personal level, which is why we like to start off by speaking to them on the telephone. That way we can understand their story, hear their frustrations, explain all the options and how we can help. Everyone gets their own case handler and is kept informed at every stage”.

Their team of experienced professionals are ready to fight your case. There is also the added bonus of them working on a No win, No fee basis, a service that most companies can only offer on more simple claims.

If you haven't already, please contact one of their experts.