In 1988, the UK Government introduced a groundbreaking change that allowed individuals to leave the State Earnings Related Pension Scheme (SERPS) and opt for personal pension plans. This process, known as ‘contracting-out,’ enabled more than 5 million people to have a portion of their National Insurance Contributions paid into personal pension plans. Unfortunately, independent analysts now estimate that up to 4 million of these personal pension plans will provide lower benefits than those from SERPS. Are you one of the millions affected by SERPS mis-selling? Keep reading to find out more.

Were You Mis-sold a SERPS Pension Plan?

If you think you might have been a victim of SERPS mis-selling, consider the following factors:

  • Age: If you were aged over 40 (women) or 45 (men) at the time of advice, you have likely lost out by contracting-out.
  • Salary: If your salary at the time of contracting-out was under £10,000 per annum, you have probably suffered a loss.
Pensioner checking data on a laptop

Why Did SERPS Mis-selling Happen?

The primary reasons for the lower benefits in personal pension plans compared to SERPS include:

  • Poor investment performance
  • High policy charges
  • Government reductions in the premiums paid to personal plans

What Can You Do if You Were Mis-sold a SERPS Pension Plan?

Unfortunately, it is not possible to transfer your personal pension fund back into SERPS. However, you can seek compensation from the firm that advised you to contract-out, ensuring that you do not lose out at retirement.

How to Find Out if You Are Owed Money?

If you believe you have been a victim of SERPS mis-selling, claim your free consultation with Greg Vaughan at https://www.pension-claims.com/serps-pension. Greg’s expertise can help you determine if you are owed money and guide you through the compensation process.

Conclusion

SERPS mis-selling has impacted millions of people, leading to lower pension benefits than they would have received if they had stayed within SERPS. If you suspect that you have been a victim of mis-selling, don’t hesitate to contact Greg Vaughan for a free consultation to determine if you’re entitled to compensation. Take action now to secure your financial future.

If you're worried about your own investments and think you could benefit from expert advice, then I'm here to help.

Contact Greg Vaughan Financial Services

Please feel free to use the Contact Form, send an email or telephone.

Email: greg@pension-claims.com

Phone: Call Greg on 0151 329 0775 or 07788 630037