Mis-Sold SIPP Claims?
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What is a SIPP Claim?
Self-Invested Personal Pension Plans (SIPPs) are a type of personal pension that allows someone to put their savings into a wide range of investments, many of which are often not available through standard Personal Pension Plans (PPPs).
This can have significant benefits, allowing you to have up to 45% tax relief on contributions and no additional capital gains tax or income tax to pay on any potential gains.
In addition to having choice on what you invest in, the earnings are potentially much higher than a standard pension because you can invest in funds, trusts or alternative energies that are high-risk and high return.
But whilst this money is tied up in your pension until you are 55, you are not covered for any losses. Hence, thousands of Britons have found themselves investing in high-risk opportunities with nothing to show for it when it comes to retirement, despite high pressure selling from SIPP providers and financials advisors. Today, people can submit a SIPP claim online and potentially receive a refund worth thousands to cover their pensions and lifestyle.
Could I Have Been Mis-Sold a SIPP?
Many financial advisers and unregulated introducers were paid high commissions to persuade individuals to transfer their existing pension plans into SIPPs. In many cases, some advisers recommended that the SIPP be invested in particularly risky investments such as overseas property, environmental-related investments (forestry, green oil, carbon credits etc), car park spaces, storage pods, student accommodation etc. leading to huge losses.
If you find that your pension pot has decreased massively in recent years, you have lost money or have little to show for your pension – you could be eligible for a SIPP claim.
Am I Eligible for a SIPP Claim?
– You were misled over the risk of the investment
– Your IFA encouraged you to switch investments, without
– Your SIPP has decreased in value, despite your IFA saying it would increase
– Your IFA failed to explain factors that could lower the value of your investment
Understanding SIPPs as Defined Contribution Pensions
SIPPs are a Defined Contribution pension which means that your outstanding pension will depend on the performance of your investments. So in the event that you were investing in high-risk opportunities, you could find your overall pension left with very little or nothing at all. SIPPs are successful for some, especially if they have a good knowledge of the market and investments and have been given sound financial advice.
This is different to a Defined Benefit pension which guarantees a certain amount upon retirement – such as a final salary pension which you pay into each month from your payslip from work. Therefore, whenever you finish your job over so many years, you know exactly how much there is available in your pension to use and spend.
Do I Need a Claims Management Company to Make SIPP Claims?
Customers are not required to use the services of a CMC or solicitors to pursue their claim and they can present the claim themselves for free, either to the person against whom they wish to complain or to the relevant statutory ombudsman or statutory compensation scheme.
Thanks to an FOI request submitted by Forces Compare we’ve been able to gather a few key stats to illustrate the scale of SIPP claims
Why Use Forces Compare to Make Your SIPPS Claim?
Forces Compare has partnered with claims specialist, Allegiant Finance Services (AFLS), who have successfully claimed back more than £50 million for their clients since they were established in 2013.
Working with Allegiant, we operate on a completely no-win, no-fee basis* – so there are simply no fees for checking your eligibility for a mis-sold SIPP claim and it only takes a few minutes to complete.
To maintain transparency, we can confirm that Forces Compare will receive a payment for passing the customer details to AFLS if your claim is successful.
No Win No Fee*
Excellent Track Record
Terms and Conditions
Forces Compare has partnered with Allegiant Finance Services Limited to offer its clients the opportunity to reclaim compensation for mis-sold SIPP pensions. Allegiant Finance Services Limited is a Claims Management Company that is Authorised and Regulated by the Financial Conduct Authority. Firm Reference Number: 836810. Registered with the Information Commissioners Office: Z2569335. VAT Registration No. 274837662.