Have you been mis-sold a SSAS pension scheme but you’re not sure whether you are eligible for compensation? Contact Next Gen Solicitors today for help, advice and to submit a claim.
SSAS investment Is Not For Everyone
A considerable number of people may have lost money because of pension mis-selling, and one type of pension product that has been mis-sold is the small self-administered scheme.
If you’re looking for a retirement pension where you are not tied into a single provider, then an SSAS-type scheme could perhaps be a good option. A small self-administered pension scheme is essentially a specialised kind of employer-sponsored defined contribution workplace pension. Such schemes are typically created in order to provide important retirement benefits for key staff. Self-administered pension schemes are usually limited to 11 employees and often include company directors and other senior-level staff. Importantly, these schemes can also extend to cover other family members, even when they are not on the company payroll. An SSAS pension scheme is particularly attractive to a small independent or family-run business because it can offer a considerable range of investment flexibility.
However, a good financial adviser should have specifically warned you that investing in a self-administered pension scheme as it could carry a certain level of risk.
If you were advised to put money into poor, high-risk investments; if your pension savings have been exposed to an inappropriate level of risk; or if your adviser received an unwarranted amount of commission for the advice you received, you may have grounds for making a compensation claim.
The Financial Services Authority (supported by the Financial Conduct Authority) issued warnings in 2008, and again in 2012, that the majority of SSASs were unsuitable for retail customers. Nevertheless, a number of business owners have subsequently discovered they have lost money through their SSAS, and that this deficit occurred because they were mis-sold pensions.
SSAS Pension Scheme Mis-sold
While there is nothing wrong with using genuine investment funds, providing you understand the risks involved, certain high-risk investments crop up more frequently with SSAS mis-selling.
The list includes but is not limited to options such as:
Mis-sold SSAS Pension Scheme Transfers
If you were advised to purchase an overseas pension scheme that has now left you worse off financially than if you had opted for a straightforward UK-based pension scheme, you may also be entitled to make a mis-selling claim. Likewise, if your adviser suggested you should transfer an existing private pension or workplace pension fund to a new scheme that would offer higher returns, and this proved to be unsuitable for your needs, you may be due compensation.
If you believe you have a self-administered pension scheme mis-sold claim? Contact our team today. We will be able to carry out an investigation on your behalf and provide advice and support on a no-win, no-fee basis.