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If you used any of the following companies for pension or investment advice then there is a chance you are due compensation, if your advisor is not on the list, you could still be owed compensation. Contact us to have a claims specialist evaluate your case.
If you have received and acted upon unsuitable pension advice, it is likely you will have either, lost money intended for retirement or lost guaranteed benefits associated with a final salary pension, or both.
There are many circumstances in which unsuitable pension advice can occur.
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Defined benefit of Final salary schemes provide guaranteed, protected rights that will usually provide a lump sum of money and income for life. Transferring out of these types of schemes will mean losing those benefits and taking on the risk of managing your own pension funds.
The Financial Conduct Authority (FCA) conducted a review in 2018 of a sample of defined benefit pension transfers conducted by regulated firms. Based upon the cases they reviewed, they concluded that it was extremely likely that the advice received was unsuitable and have requested data from every firm. During their investigation the FCA found that less than 50% of pension transfer advice was suitable leading to thousands of people losing money and benefits.
If you were advised to transfer out of a workplace pension scheme it is the duty of the IFA and SIPP provider to determine whether you are a 'retail' or 'sophisticated' investor. It is their responsibility to determine what the impact would be on you if you lost some or all of your investment and the level of risk that is suitable for your situation.
If any of the following is applicable to you, please fill out the contact form so that a claims management specialist can evaluate your claim.
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SIPPs allow an individual to take control of the investments within their own pension. These are typically used by business owners looking to invest in property for their own business use or experienced investors who want to take an active role in their investments or wish to hold individual shares.
SIPPs can hold direct investments in company shares, land, commercial property and a variety of non-standard or obscure investments which carry a high level of risk. The product charges can also be significantly higher than normal and ultimately impact the performance of the investments.
Due to these factors, SIPPS are unsuitable for many standard investors and due to the schemes flexibility, it has also been used to either facilitate scams or by firms wishing to offer clients unregulated investments that mights offer commissions that are excessive and inappropriate.
Examples of non-standard or unregulated high risk investments are:
If you were advised to transfer into a SIPP or to use it to invest in an unregulated or high risk investment, register with us today.
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A dormant or "frozen" pension refers to an old workplace pension that you are no longer paying into. If you have changed jobs a few times, it is possible that you have a few frozen pensions out there. It is important to track these down as they could be incurring hefty fees.
Lost pensions are similar in as much as you could have been part of a company's pension plan, but no longer have the details. These can still be found and put to work for you.
Register with us and a licensed pension specialist can help you track down these pensions.
People with frozen or dormant pensions have been targeted in the past by unscrupulous companies through direct mail or telemarketing that persuade you into transferring the frozen pension into a SIPP so that you can then use it to purchase the investment they are offering. This was particularly common with companies that were offering unregulated investments. Typically these investments proved to be worthless and investors lost their pensions.
Examples of these unregulated investments are shown above.
If you were approached by a company that advised you to transfer your frozen or dormant pension into a SIPP so that you could invest in their regulated or unregulated investment, you could be entitled to compensation for your losses. Join the thousands of people that have gotten their money back for a mis sold pension.
Start the process today by registering with us so that a pension claims expert can contact you for a FREE evaluation of your case.
Start your claim
You do not need to use any third party to present a claim to either The Financial Ombudsman Service (FOS) or the Financial Services Compensation Scheme (FSCS). You can make your own representation to them and their services are free.
Tower Hill Group Ltd is a limited company registered in England & Wales, registration number 12620190.
Tower Hill Group Ltd is registered with the Information Commissioners Office (ICO), registration number ZA760652.
The registered office is Kemp House, 152-160 City Road, London, UK, EC1V 2NX.