What is a SIPP?
A SIPP (Self Invested Personal Pension) is a type of money purchase personal pension scheme. It is a wrapper into which various investments can be held offering a greater degree of options over a standard personal pension or an employer sponsored pension. The adviser is usually separate and independent from the SIPP provider. SIPPs are generally more appropriate for the more experienced investor with a significant pot to invest. Fees are usually higher than for conventional pension funds.
Have I been mis-sold?
If you have a SIPP and any of the following list applies to you then you may have grounds for complaint and potentially financial redress for a successful outcome:
- You were advised to transfer your occupational pension into a SIPP.
- You had a personal pension and transferred into a SIPP as you were told by the advisor it was a better product more suited to your needs.
- The investments held in your SIPP were high risk, esoteric, non-mainstream, illiquid investments, e.g. carbon credits, off plan overseas hotel developments, Storage pods, green oil etc.
- You were advised to move from a pension arrangement to a SIPP provider resulting in additional charges.
- The adviser failed to explain all the risks.
- Only the SIPP was offered, no alternatives including sticking with your existing provider were discussed.
- The real cost of opening the SIPP and moving your pension funds across was not adequately communicated in monetary terms.
- You were not sufficiently warned about the ongoing costs associated with a SIPP, which may be excessive compared to conventional personal pensions.
- You have not received an annual review but are paying a fee for ongoing servicing.
How can Rightside help you?
Rightside have experts on-hand to check whether the advice that you received was suitable for you and that you were treated fairly. If not, we will submit a claim against the advisor on your behalf. A successful outcome could potentially result in compensation being paid for losses incurred.
If you feel this has affected you, contact us on 01392 574376 or complete the request a callback to discuss how Rightside could assist you. Alternatively, speak to an agent through our live chat.
Top providers we can help with
The Prudential Assurance
Friends Provident Life & Pensions
Sun Life Assurance
The Co-operative Insurance Services
Frequently Asked Questions
My adviser said my SIPP was the best way forward for me.
SIPP’s became very fashionable after the financial crash in 2008 and since pension freedom laws were introduced in 2015. The SIPP itself isn’t normally the problem, it’s the assets the SIPP holds and how much in fees and charges are being incurred that matter. Our specialist SIPP team will check the reasonableness of the charges and that your funds are secure, helping you to obtain full consumer protection in the event of the markets collapsing or your funds disappearing altogether.
My adviser has gone bust but my SIPP provider is still trading is there anything I can do?
SIPP providers have come under increasing scrutiny and have a duty of care under due diligence to review the suitability of the investments held within their SIPP wrapper. This is relevant where a high risk, esoteric, non-mainstream, illiquid investments (e.g. carbon credits, off plan overseas hotel developments, Storage pods, green oil etc.) has been placed in the SIPP. A complaint can be made against the SIPP provider.
How to get started
Complete a short online form or call us on 01392 574376
Talk to an expert advisor to discuss your potential claim
We will send you an information pack for you to return
We will start processing your claim
All complaints that we deal with can be made without charge directly to the provider. You can also complain directly to the Financial Ombudsman and Financial Services Compensation Scheme for free.