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.

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