A lot of adults are looking forward to spending their sunset years comfortably and relying on their pension after pouring a lot of time and effort working very hard in order to put food on the table and send the kids off to school. But because of mis-sold pensions, a lot of senior citizens are having difficulties in their retirement.
The main bulk of plenty of pension complaints is the fact that a lot of employees were advised by their financial advisers not to choose State Earnings Related Pension Scheme, which later on became the State Second Pension, and into a personal pension. From 1988 to 2012, plenty of people were transferred from good final salary schemes into personal pensions. In leaving their defined benefit schemes, they left behind plenty of guaranteed pension benefits. But then, regulating bodies have discovered that there were some cases wherein the transferring from a defined benefit scheme into a personal pension was an ill-advised move that caused pensioners to lose many benefits. People who were deemed to have taken a mis-sold pension were eligible for compensation.
In determining if you are eligible for pension compensation, the first important question you must answer is whether you are better off with a defined benefit scheme. After that, your financial adviser must clearly and fully explain the investment risks of transferring to a personal pension along with the benefits you were giving up. Then, you must determine if the fund did indeed perform based on the projected targets via regular reviews.
And if you do have a mis-sold pension, there are actually 2 routes you can take to get compensation. The very first one is to handle the endeavour by yourself. This includes preparing the needed paperwork, negotiating with the financial institution that sold you the pension, as well as dealing with insurance companies along with the Financial Ombudsman Service.
The second route is to opt for a professional claims management company which can handle your complaint. With the help of a specialist company, you will be able to save time and effort in securing the best outcome for your complaint. Since such company has the experience as well as expertise in dealing with such matters, it is very possible to negotiate compensation better than the first offered by the insurance firm.
The process starts with a thorough assessment of your claim. After it has been determined that you have a valid claim, you will then have to authorize the claims management office to act in your behalf. More information mentioned here.