IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to forumteam@moneysavingexpert.com

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
SERPS Compensation
Reply
Views: 9,276
Thread Tools Search this Thread Display Modes
# 1
Royp
Old 22-01-2011, 1:28 PM
MoneySaving Newbie
 
Join Date: Jan 2011
Posts: 1
Default SERPS Compensation

Has anyone been successful in claiming back compensation for opring out of SERPS?
Royp is offline
Reply With Quote Report Post
# 2
dunstonh
Old 22-01-2011, 4:17 PM
Mega Magnificent Maxi-Meticulous Uber-MoneySaving Magnate
 
Join Date: Apr 2004
Location: Norfolk
Posts: 74,768
Default

Quote:
Originally Posted by Royp View Post
Has anyone been successful in claiming back compensation for opring out of SERPS?
FSA figures show only 1.5% of people were potentially mis-sold contracting out of SERPS. So, the actual number is probably closer to less than 1%.

It was pretty difficult to be mis-sold contracting out. Of course, if you applied todays standards then the methods used appear woefully inadequate. However, any complaints are assessed using the standards that were in place at the time. Not today.

There were some claims companies that did try dealing with Serps complaints but they either shut down or were shut down by the MoJ. [TEXT DELETED BY FORUM TEAM]

Any claims company telling you that you have been mis-sold contracting out of SERPS should put you on guard. You have around a 1% chance of success in a complaint.

I have the flow chart showing whether a case was mis-sold or not. So, if you want to check, post again and I will run you through the flow chart (which is really simple) and it will indicate whether you fall into the mis-sale side or not.
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.

Last edited by MSE Investigator; 22-02-2011 at 3:55 PM. Reason: Pending Investigation
dunstonh is offline
Reply With Quote Report Post
# 3
Richie C
Old 08-04-2011, 12:43 PM
MoneySaving Newbie
 
Join Date: Apr 2011
Posts: 1
Exclamation Serps

Has anyone heard of ths company

SerpsReviews.co.uk
263 Southmead Road
Bristol
BS10 5EL
0117 3704287


They claim they can get you compensation ?

For missold pensions
Richie C is offline
Reply With Quote Report Post
# 4
dmwg40
Old 09-09-2011, 11:38 AM
MoneySaving Convert
 
Join Date: Feb 2007
Posts: 42
Default

So has anyone used this company had any successful claims ?
dmwg40 is offline
Reply With Quote Report Post
# 5
dunstonh
Old 09-09-2011, 12:07 PM
Mega Magnificent Maxi-Meticulous Uber-MoneySaving Magnate
 
Join Date: Apr 2004
Location: Norfolk
Posts: 74,768
Default

Quote:
So has anyone used this company had any successful claims ?
I cannot comment on that company but if you go by the FSA figures, you would expect around 1 in 100 people to be successful.

If you think you were mis-sold, then the FSA issued a brochure with a flow chart on it. You can view it here: http://webarchive.nationalarchives.g...dvised_ink.pdf


Also, it is worth remembering that rule changes in 2006 actually made contracting out more attractive and the abolition of protected rights next year (they will be classed as non-protected rights from then on) will further improve the situation. If the Govt proceeds with it's 140 per week state pension proposal then those that contracted out could see significant gains.

Its things like this which have seen most claims companies no longer even attempt cold calling on that basis.

The Prudential, which advised hundreds of thousands of people to contract out of Serps... says it is at a loss as to why people believe there has been systemic Serps mis-selling. It says it received 197 complaints in 2004, of which it upheld only 16. In 2005, it upheld just 30 out of 191 cases and in the first six months of last year it upheld 20 out of 174 cases. Of the 23 Pru cases that have gone to and been resolved by the Financial Ombudsman Service, all but one have been found in Pru's favour. (source Daily Telegraph 12:01AM GMT 15 Jan 2007)
I am a Financial Adviser. Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
dunstonh is offline
Reply With Quote Report Post
Reply

Bookmarks
 
 




Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - MoneySavingExpert.com - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 5:51 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 22 October 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed

profile

Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums

  • ED SHEERANX (DELUXE EDITION)
  • ELLA HENDERSONCHAPTER ONE (DELUXE VERSION)
  • STATUS QUOAQUOSTIC (STRIPPED BARE)

MSE's Twitter Feed

profile
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.