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.
Why choose Neglect Assist?
We are a firm of solicitors who specialise in negligence law with over 20 solicitors dedicated to this area. We have pioneered the use of “No Win, No Fee” Agreements in negligence law since their introduction in the 1990s. We only take cases on if we are able to offer a “No Win, No Fee” Agreement. Furthermore, the insurers who pay our clients compensation are also obliged under English Law to pay our legal costs on top and therefore, usually from the onset of the case, we can confirm with our clients that, if unsuccessful, they will pay nothing.