Self-invested pension scheme (SIPP) - Small self-administered scheme (SSAS) – Pension transfer

If you have been advised to transfer your pension to a SIPP or SSAS there is a high probability this was unsuitable for your circumstances.

The Financial Conduct Authority has said SIPP’s and SSAS’s are unsuitable for most retail customers.

The Financial Conduct Authority’s predecessor, the Financial Services Authority, warned of such schemes in 2008 and 2012.

The Financial Ombudsman Service upholds approximately 66% of SIPP complaints.

Does the SIPP or SSAS include investing in the following?

Unregulated Collective Investment schemes

Overseas hotel developments

Harlequin Scheme (Caribbean)



Spread betting (on the financial markets)

Carbon credits or other environmental investments

Car Parking spaces

Agricultural projects

Green Oil

Shipping Containers

If your SIPP or SSAS includes any of the above, it was almost certainly mis-sold.

How do I know if I was mis-sold a SIPP or SSAS?

  • 1. Hard sales and pressure selling – usually by an unregulated ‘feeder’ company at the outset.
  • 2. Your adviser gave no advice but simply carried out an ‘execution only’ ie ‘what you wanted’ pension switch.
  • 3. You received poor advice- your existing scheme was more suitable for your situation but you were still advised to transfer to a SIPP or SSAS.
  • 4. No advice offered on the risks with your SIPP or SSAS - the implications of investing in overseas property or high risk investments.
  • 5. You were not advised of the tax implications- if you were not advised that you would pay 55% tax if you exceeded the tax free limit of £40,000, or that a SIPP was a way of avoiding tax.
  • 6. Lack of transparency regarding management fees associated with the SIPP.
If any of the above applies to the sale of your SIPP or SSAS, there is a high probability it was mis-sold.

Can I complain myself?

Yes and you have the option of pursuing a complaint direct with the relevant entities.

You can also call us for a free, no obligation review of your circumstances.

We will advise you if we consider the advice was mis-sold and the options available to obtain financial redress – direct with the business that advised you, Financial Ombudsman Service or the Financial Services Compensation Scheme if the financial firm is no longer trading.

Start your claim

If you have suffered a financial loss after receiving poor advice to purchase or transfer financial products from your broker, bank or Financial Advisor and wish to discuss making a claim then please call or email us today.

0116 283 5032
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