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Self Invested Personal Pension
What is a SIPP?
A SIPP (Self Invested Personal Pension) is a type of money purchase personal pension scheme. It is a wrapper into which various investments can be held offering a greater degree of options over a standard personal pension or an employer sponsored pension. The adviser is usually separate and independent from the SIPP provider. SIPPs are generally more appropriate for the more experienced investor with a significant pot to invest. Fees are usually higher than for conventional pension funds.
Have I been mis-sold?
If you have a SIPP and any of the following list applies to you then you may have grounds for complaint and potentially financial redress for a successful outcome:
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You were advised to transfer your occupational pension into a SIPP.
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Only the SIPP was offered, no alternatives including sticking with your existing provider were discussed.
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You had a personal pension and transferred into a SIPP as you were told by the adviser it was a better product more suited to your needs.
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The real cost of opening the SIPP and moving your pension funds across was not adequately communicated in monetary terms.
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The investments held in your SIPP were high risk, esoteric, non-mainstream, illiquid investments, e.g. carbon credits, off plan overseas hotel developments, Storage pods, green oil etc.
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You were not sufficiently warned about the ongoing costs associated with a SIPP, which may be excessive compared to conventional personal pensions.
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You were advised not to join a company pension scheme when you were eligible to join but were advised to take out a personal pension instead.
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You were advised to move from a pension arrangement to a SIPP provider resulting in additional charges.
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The adviser failed to explain all the risks.
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You have not received an annual review but are paying a fee for ongoing servicing.
How can Rightside help you?
Rightside have experts on-hand to check whether the advice that you received was suitable for you and that you were treated fairly. If not, we will submit a claim against the adviser on your behalf. A successful outcome could potentially result in compensation being paid for losses incurred.
If you feel this has affected you, contact us on 01392 574376 or complete the request a callback to discuss how Rightside could assist you. Alternatively, speak to an agent through our live chat.
Frequently Asked Questions
I have transferred my pension over 30 years ago, can I still complain? Yes, you can. The firm responsible may attempt to “timebar” the complaint but our specialist team may be able to challenge and over-turn this.
My adviser said transferring my pension was the best thing to do to make it grow and if I left it where it was it would lose money? The advice you got may have been suitable, but there may have been hidden costs, penalties or invaluable guarantees that were lost as a result of the transfer. Our specialist team will check and report to you their findings.
My pension is doing well. Why should I complain? Since the government introduced pension freedom rules in 2015, millions have been lost to scams and fraudulent pension transfer activity. Our specialist team will check that your pension transfer provided value for money, no invaluable guarantees were lost and that it is adequately protected and secure.
I had several small pensions with different providers. I was told they needed consolidating into one single pension to make life easier for me? This is a popular reason used for transferring pension pots, but it is not always best to hold all your eggs in a single basket.
How to get started
Complete a short online form or call us on 01392 574376
Talk to an expert adviser to discuss your potential claim
We will send you an information pack for you to return
