SERPS Compensation

edited 30 November -1 at 1:00AM in Reclaiming Mortgage Fees, Council Tax, etc
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Royp_4Royp_4 Forumite
1 Post
Has anyone been successful in claiming back compensation for opring out of SERPS?

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  • edited 22 February 2011 at 4:55PM
    dunstonhdunstonh Forumite
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    edited 22 February 2011 at 4:55PM
    Royp wrote: »
    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 an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • 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
  • So has anyone used this company had any successful claims ?
  • dunstonhdunstonh Forumite
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    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.gov.uk/20100210151716/moneymadeclear.fsa.gov.uk/pdfs/s2p_wrongly_advised_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 an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
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