A mis-sold pension could cause you all kinds of financial difficulties in the future, and it is important to be aware if this has happened to you.

The following are four key signs that could indicate that your pension was mis-sold to you. If this is the case, then you could be entitled to compensation. If you think one or more of these signs is relevant to your experience, then it is wise to take action.

  1. The Terms and Conditions Were Not Clearly Explained

The financial advisor who sold your pension to you should have very clearly explained all of the terms and conditions. If they did not do this, then you may not have the full picture.

Your financial advisor should also have provided you with a copy of the document in full so that you could read it yourself before signing.

Not understanding all of the terms and conditions could lead you to make bad financial decisions that could impact you in the future.

  1. Your Financial Advisor Misrepresented Themselves

If your financial advisor gave the impression that they were more qualified or knowledgeable than they really were, then this is grounds for a mis-sold pension claim.

It is reasonable to expect that the person who is advising you on such important matters is truly an expert in their field. If your advisor claimed to be an expert with many years of experience, but you later discovered this to be false, then you certainly have a case to make against this person.

  1. Pension Fees Were Not Adequately Explained

If all of the various charges and fees were not explained in full to you, then this means that your policy was mis-sold.

This could have happened for any number of reasons and may not have been an attempt to deliberately mislead you. However, if this is the case, then you may be paying more than you had originally expected.

  1. The Risks Were Not Clearly Explained

When a financial advisor is explaining your pension policy to you, they should prepare you for all of the risks involved.

It is important to remember that you cannot raise a claim simply because your pension investments underperform. Your eligibility for a compensation claim will only exist if you were not fully aware that your investments might not do well.

Making a Claim

If you have read through this advice and believe that you were indeed mis-sold your pension, then do not delay in taking action.

You will want to hire an expert to help you start legal proceedings against the person or company that you started your pension with. They will raise a claim against this person or company with the intention of reaching a financial settlement for you.

Many companies offer this service on a no-win-no-fee basis, which means that the process is 100% risk-free for you. Data on this issue reveals that as many as 33% of pension policies in the UK have been mis-sold, so it is possible that this is a problem that is affecting you.