5 Tips to Start Your Mis-Sold Pension Claims

Mis sold pension claims can occur if you have been advised to transfer to a personal pension plan from an employer’s arrangement. Thousands of employees had experienced this type of problem due to the bank or financial company’s poor and wrong advise.

There are many losses to an employee’s benefits once mis-sold; thus, it is indeed a ground for complaint. If you are experiencing such issues, here are five tips you can do to start your claims:

  1. Collate All the Necessary Information

Once you have been advised foreclose or transfer of your pension, build your proof. The first step to filing a complaint is constructing the foundation or base of your case. Make sure that you are sticking only to the facts and presenting brief, and precise information regarding the matter.

It is recommended to have these proofs in written form or document to appear more valid in case of court proceedings. Retrieve all exchange of messages between you, the bank or the financial company, or an agent to see the root cause of the matter.

  1. Raise the Issue to Your Agent or Adviser

In case you do not have the complete copy of all the files or documents, you may raise it to your advisor or agent. Ask him/her for the pertinent copies and reach out to them via email or personal. Be it known that the firm has eight weeks to reply to you. If they do not respond to the window, you may raise the concern to the Ombudsman or course it through your lawyer.

  1. Ask for The Help of the Financial Ombudsman

Once you have exhausted all efforts seeking answer or statement from your provider, it is better to course it through a higher force – the Financial or the Pension Ombudsman. The ombudsman would be responsible for seeking the information and feedback from the other party being charged.

There would be steps and forms you need to fill out when you are seeking the service of the ombudsman. You must familiarize yourself with these steps to be able to proceed to the next steps.

  1. Ask Other People That Have Been Through the Same Case

No one would expect something like this to happen. If you do not know how to respond or do not have any idea what to do, ask someone who can relate. Not only that he/she can walk you through the process, but he/she can also understand what you are going through.

  1. Think Before You Hire Someone

Asking legal advice is essential but hiring a company or an individual who says he/she can ace the complaint about you should be reviewed. It may not be deemed necessary as you can get free service in the ombudsman.

Mis sold pension claims could be challenging. It is something you do not want to occur and the last one you expect to happen. While there would be nerve-wracking complaints and responses, always ensure that you have necessary pieces of evidence by your side.

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