Miss Sold Pensions

Pension is an amount that is issued to people who retire from their service after attaining a certain age. Usually a small amount is deducted from the employee’s salary every month and then added to the pension fund which is then drawn after the retirement.We all know that for retired people pension is a big thing as they depend on the pension for their expenses and it is a general mindset that people when they retire become skinflint as the pension amount is usually lesser than the salary. So in a situation when people become dependent on the pension,it is natural for them to be worried when any issue arises or any fraud.

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One instance of such a situation is miss-sold pension which occurred during 80s in UK. What actually happened was that many people were wrongly advised to sell their pension. SIPP claims for SIPP that were miss sold which means that SiPP were wrongly invested due to bad financial or fraud financial advice. SIPPs are self-invested personal pension in which you can invest your pension and is a kind of pension plan in which you can do investment till your retirement. After your retirement you can draw money from the invested pension at high interest.

However in the 1980s in the UK it was miss sold to many individuals,this means that bad financial advice was given relate to this scheme. Bad financial advice means that it was sold at false claims and promises and that the return rate of the scheme will be high but in reality the scheme performed very low and did not yield the promised results. Also the financial advice that was given to many individuals was from a company which was not genuine or which did not follow the rules and regulations from many authorities.

Hence in such situation for people who were miss sold their pension schemes were compensated when they claimed against it. However the deadline for this was till 1990 only and after that the deadline was stretched till 2002 but the hood news for those who were miss-sold is that they can claim for their compensation till now. However the claim should be Giants the valid miss sale of the pension scheme and not just like that because the validity of the,after or the claim is also assessed. There are many companies which can help you to claim against the miss sold scheme but while you hire any such agency ensure that they have a team of experienced advisors and solicitors.