A self-invested personal pension (SIPP) can be a great way to save for retirement. With this kind of pension, the account holder has more control over how their money is invested and how much is invested towards a pension than with other accounts.
This kind of account allows you to invest in a variety of assets and does not need to be controlled by a financial advisor. This allows you to take control of your retirement fund and make the best financial decisions for yourself.
Due to this kind of control, those looking to plan their retirement pay have shown an interest in SIPPs and are considering learning more about this kind of financial product.
However, for many people, this interest in SIPP has been manipulated by some financial product providers. This has led to many cases of SIPPs being mis-sold to people, which could lead to financial issues later down the line.
Have You Been Mis-sold SIPP?
In many cases, people who have been looking into their options when it comes to saving for retirement have been mis-sold SIPPs.
While there are benefits to having this kind of account, those who have been mis-sold it were not given the correct information regarding this kind of account or the risks that can come with it.
Having a SIPP does mean greater control over your assets and eventual retirement fund, but this is all down to your skills. Without a financial advisor, account holders can make their own decisions when it comes to retirement funding, and this could lead to financial issues if you do not have the necessary skills or experience to do so.
This means that if you have been mis-sold a SIPP for your retirement, you could be facing greater financial risks than you were aware of or that your pension has not been invested in the best way for your circumstances.
Discovering that you have been mis-sold a SIPP is a very stressful time and can lead you to feel distrustful of financial agencies.
Luckily there is a solution out there for you, and if you suspect that you have been mis-sold a SIPP, you can claim compensation.
Claiming Compensation For Mis-sold SIPP
If you suspect that you have been mis-sold a SIPP in the past, then you will need to seek legal support.
This support will not only help you determine whether you have been mis-sold this kind of financial product but will also aid your compensation claim for the best results.
There are specific legal teams who specialize in claiming for mis-sold pensions.
Taking on legal support during this time is the best way to ensure you can be compensated for the misselling of a SIPP and may help cover some of the losses you have experienced over the years. You will then be able to move on; rest assured that your pension pot is now in the best hands and will support you during your retirement as you require.
