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Blog @ Claims

On the Assist.Claims Blog you'll find interesting articles about pensions and investments as well as news and links to other items we find on the internet concerning the financial claims industry. The government is constantly reviewing legislation on pensions, investments and mis-selling and financial institutions are under increasing pressure from financial regulators.
If you'd like to see more information on particular topics, let us know via our Contact Us page.

Lost Your Pension Details?

Lost Your Pension Details?

Lost Your Pension Details ?

Here at Assist.Claims we have now added a pension tracing service to our clients - as explained by Partner Gary Naylor.

"As a former Pension Adviser I am aware of many instances of clients forgetting about and losing their former company pension or personal pension plan benefits. In some cases they may have contracted out of the Second State Pension scheme or SERPs many years ago and forgotten about it.  A lot of pension providers from the late 1980's and 1990's have now either merged or been subject to a takeover so the chances are that the original pension  provider does not exist in the same form now.

Clients change homes often during a lifetime and if they have not kept their company pension or personal pension plan provider informed, annual statements will not follow. 

Deferred members of Final Salary Pension schemes are also at risk if they have not kept in touch with their former employers pension administrators. The Pension Trustees may not spend a lot of time trying to  trace deferred members who have changed address, which is how many lost pension issues can arise.

If your former employer has been taken over then the chances are that the pension fund administrators will have also changed and we can help investors trace them."

Assist.Claims will try and locate missing Personal or Company Pension benefits and if successful introduce you to an Independent Financial Adviser firm from our approved panel of advisers.

Contact us now on the form below to find out more or by calling free on 0800 254 5066

 

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“Buyer Beware” SIPPS with investment in Elysian Fuels

An article in FT Adviser last autumn (FT ADVISER 29 October 2015, written by Ruth Gillbe) highlighted an issue with a recent SIPP investment choice. 

Self Invested Personal Pensions (SIPPs) are usually recommended to experienced and more sophisticated investors. The charges tend to be higher than Personal Pensions which usually offer life assurance funds with charges as little as 1% per annum. 

Although the SIPP investment proposition is far more expensive, it offers virtually unlimited investment scope to include direct shares and commercial properties and other more specialist securities. The SIPP provides the tax efficient wrapper which holds the underlying investments. An initial fee is usually charged plus annual costs by the SIPP provider. The Financial Adviser usually recommends both the SIPP provider and underlying investments, for which he is also paid by the client both for the initial and usually, the ongoing advice.

The SIPP provider will perform some due diligence on the underlying investment however in some recent cases the shares involved have become worthless, as in the case of Elysian Fuels which have been written down to zero from £1.00.

Investors will have cause to complain to the original Adviser if all the risks and costs were not fully explained from outset.

Although the Elysian Fuels case maybe extreme, there have been many other cases recently where the underlying investment proposition sounded too good to be true and ultimately proved to be a reminder of the old adage,  "Buyer beware".

(Gary Naylor is a Partner in Assist.Claims, regulated  by the Claims Management Regulator, and who specialise in obtaining compensation payments for clients who have been mis sold Personal Pensions, Annuities and SIPPs)

Read the original FT Adviser article here:

http://www.ftadviser.com/

 

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