Although you hope that everything goes smoothly regarding your pension plans, sometimes things go wrong. One of things is pension mis-selling. The definition of mis-selling is that you obtained inappropriate advice, you were not briefed about potential risks and as a result, you got the product which wasn’t right for you. An example of this is if you were looking for a good TV and wanted to watch old videos on it. You let the member of staff know and they recommend you a certain TV model. After the purchase, you connect it, but realise there is no VCR port for the TV to show old videos. Here, the TV isn’t faulty, but it isn’t appropriate for your needs.
The same principle applies when you are looking for your pension. Your needs maybe completely different from the advice given to you by a pension expert, and as a result, you invest in the wrong pension plan for you. However, there are a number of reasons why this can happen. You may have been pressurised into the pension scheme, not given transparency into the policy, told that you will not be able to invest in other pension schemes, or you may have been told that this pension scheme being offered is compulsory. However, the most common reason is that you weren’t explained fully about the actual terms and conditions, in other words, the ‘small print’.
If this sort of situation has occurred with regards to a mis sold pension then you should certainly look at getting all of the help that is on offer to you in the UK, with legal and financial services available in various regions.
When you are the victim of mis-sold pension, there are processes which you can turn to in order to resolve the issue. Firstly, you must get in contact with an appropriate pension claims corporation. They will ask you to complete an initial enquiry over the phone. After this, they will send a small pack which you can complete and return to the company. When the company has received the completed pack, they will then contact the pension provider, who will provide the claims company with your file.
The claims company will then review your file and if there’s anything needed for clarification, you will be contacted further. If the claim is submitted and subsequently upheld, you will receive your compensation. However, it is always best to do your homework on different pension providers before making any decisions. Your pension is one of the most important things for you to consider when going into your retirement age, so it is absolutely vital that you pick the best pension provider.