Every year several people investing in pensions suffer from the mis-sold pension. Among them, some look to fight back by asking for compensation, while major of them are not aware that they have a problem with the pension. If you have been one among the thousands, this article will help you understand if it’s mis-sold or not.
For many people, a pension isafinancial arrangement that is quite complex. At times, the level of complexity is too high that determining whether you are sold the right pension or not is difficult to know. Undoubtedly, the pensions advisors are bound to sell the right pension plan and they must follow it. Yet, sometimes people are not provided with the correct pension plan resulting in mis-sold pension cases.
Is your pension mis-sold? Here are some ways you can determine if this has happened to you
- Incorrect choice
There are various pensions schemes. Some are personal pension plans, while some are based on company schemes. What if your pension advisor has incorrectly provided you with personal pension plan instead of the company or vice versa? So, if you are provided with the wrong plans and you select the wrong choice, your pension has surely been mis-sold.
- Single plan, no choice
How many plans are you provided with for making a choice? Only one? How could you make any choice in such a situation? This eliminates the opportunity of selecting the best pension plan for yourself. The chances of pension mis-sold increases during such a situation.
- Zero to an improper approach to health issues
Are you sure your advisor asked you with each and every question related to your health? At the time of selecting any pension plan, the advisor inquires of each and every health-related issue as well as eating or drinking habits that might affect your health negatively. If no such questions are asked or an incomplete approach is carried out, you can surely ask for a claim.
- Inadequate information
Did your advisor provide you with every piece of information at the time of choosing the right pension? Selecting the right plan would be difficult as well as improper if all the information is not provided to the selector. If your selection is based on no information or incomplete information, your pension is sure to have been mis-sold.
- Incorrect information
This concept takes place at the time of selecting the plan as well as after selection. Issues like transfer of pension to another place, receiving the inadequate amount, etc. are considered to be incorrect information during which the chances of mis-sold pension increase.So, do any of these conditions apply to you? If yes, you are entitled to claim for a good compensation amount.