Violet Collins, 51, from Cheshire contacted us when she had come into a large sum of money due to receiving some bad advice about a pension investment. Self-invested Pension Plans (or SIPPs to you and me) are meant to give you more control about where and how you invest your money.
“When someone came into work and said that they could help us make more from our pensions, I felt like it seemed too good to be true. This was in 2010 and with the economy as it was, I felt like I had won the lottery” Violet confessed to us.
SIPP pensions give you the benefits of having a greater flexibility and control over your investments and are a convenient way to top up your savings as and when you like. The only downside is that you cannot withdraw the funds until you are aged 55, with this increasing to 57 in 2028, however this means the funds will be there for you later in life.
“With the independent financial adviser there in the office, I felt like I needed to give him an answer then and there, so I said yes. However, I still felt like I didn’t fully understand how this was going to make me enough money to live off when I retire,” Violet said, clearly still angry and emotional over the situation.
Violet had been asked to transfer her employee pension of £86,402 into a SIPP, and over the years her investment was going well. However, towards the end of 2019, with the rumours of COVID floating around, it soon became apparent that her SIPP was decreasing in value. When she confided in her daughter that she was worried about how she was going to manage financially when she retires, her daughter did some research into getting some help.
“My daughter found The Pension Lawyers online, and asked me to get in contact with them, as the investment opportunity was riskier than I had initially been told. The Pension Lawyers talked me through their process, and they found that my claim was successful. The money I received has meant that I no longer have to worry about my retirement,” Violet smiled and sighed in relief.
We found out the claim that Violet received was for six figures. The Pension Lawyers can help you if you believe you have been mis-sold a pension or told to move it into a different scheme without fully being made aware of the risks, you could be due a huge sum of money.