Mrs H From Nottinghamshire received

She had a final salary occupational pension plan which was valued at slightly over £73,000. She met with a financial adviser and was told that higher levels of return could be obtained by making a transfer to alternative funds.

Mrs H did not have extensive knowledge of pensions and made it known that she required a low risk option because she would be dependent upon this money for her future retirement.

In complete contrast to her needs and requirements, Mrs H was persuaded to transfer the full amount to a Self Invested Personal Pension (SIPP) which was then invested into a Green Oil fund. This was a high risk, speculative and unregulated investment fund which was wholly inappropriate for Mrs H’s circumstances.

She ended up losing the majority of what had been invested and also lost the additional gains she could have made by keeping her pension within the final salary scheme.

We represented her in a claim for the financial losses she had suffered as a result of transferring her pension to the SIPP. We were successful with the action and Mrs H received £90,000 compensation.

If you’ve suffered losses due to poor investment advice or SIPP mismanagement, contact us today for expert advice and support in recovering your money.

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