Pension Claims Process
The first step is the most simple. Either click the Start Claim button or call us on 0800 849 5078 and one of our expert advisors can discuss your potential claim with you.
In many instances, pensions were sold by IFAs or by other companies who may or may not still be trading and as such the first step is usually to establish exactly who gave the advice, find out whether or not they are still trading and obtain as much information as possible in support of your claim.
This will often involve DRSP contacting the relevant advisor to obtain details of any marketing material used, risk assessments undertaken and any other documentation relating to the sale of the pension. It is also extremely helpful at this stage if you can provide any other information you hold about the circumstances of the sale which will help to establish whether or not you have a claim.
Once all of these details have been reviewed and you have provided DRSP with your signed authority to pursue a claim on your behalf, a complaint will be submitted. From here, the advisor has up to 8 weeks to provide a final response which could be that the complaint is upheld (and an offer of redress is made) or it is rejected in which case the option to refer the case to the Financial Ombudsman Service ("FOS") could be pursued by DRSP to ensure you receive the redress you deserve.
If the advisor is no longer in business, it may still be possible to submit a claim via the Financial Services Compensation Scheme who could award redress of up to £50,000.
Where an offer is made (either directly or after the intervention of the FOS or FSCS), DRSP will recommend whether or not the offer should be accepted. If an offer is accepted, payment should be received by you within 28 days.
On successful completion of a claim, DRSP charge a fee of 30% + VAT (currently at 20%) of the total claim value. The 20% VAT is payable on the fee only, meaning that total fees inclusive of compulsory VAT are 36% of the total claim value.
Part of the compensation for mis-sold Pensions will include statutory interest from which the advisor will often deduct Income Tax at a rate of 20% although if you do not pay tax (or if you have not used your tax free saving allowance) part or all of this amount may be able to be reclaimed from HM Revenue & Customs.
Should an advisor reject a claim, or simply fail to respond then we can refer the case to the Financial Ombudsman Service ("FOS") to make an objective assessment of the case. If this is necessary then the length of time to receiving your compensation could be extended.
Through every step of the process, DRSP are fully committed to providing the best service possible and to ensure you are kept up to date with the progress of your claims. Our dedicated team will deal with all complaint on your behalf and will be able to help you every step of the way.
To start your claim, either click the Start Claim button or contact us on 0800 849 5078.