Self-Invested Personal Pensions (SIPP's) were designed as a way for pension holders to take control of their pension, and place it in an alternative investment, such as off-plan overseas property, wine production or carbon credits.
More than a million people in the UK have transferred their pensions into SIPPs, the majority of whom are happy that they are performing well and will provide for them in the future.
Unfortunately, tens of thousands have seen their pension value drastically fall or even drop to zero, because they were invested into projects the were flawed or had little chance of success.
At the Claims Bureau we represent hundreds of people who were advised to transfer their pensions into SIPPs that were used to pay deposits on failed schemes, including property, that have collapsed.
We have a wealth of experience and success in recovering these losses, regardless of whether the company you invested in has ceased trading or is still in business.
Although every case is different, claims against the IFAs (Independent Financial Advisors) who advised their clients to take out these schemes and against the companies that organised the ‘wrapper’ that the money was transferred into have shown a very high success rate.
This year we expect to recover more money for our clients because the FSCS (Financial Services Compensation Scheme), the safety net for members of the public who have been mis-sold financial services, has allocated £139 million from July 18 to March 19 to compensate people who were wrongly advised to transfer their pensions into SIPPs.
If you were advised to take out or transfer your pension that has lost its value, or were not fully informed of the risks, alternative products on offer or what would happen if the performance of the pension was poor please contact us on 01903 868251.