mis sold opting out of serps

mollycat2010

I have been approached about a possible refund because I opted out of serps years ago.........Is this a scam?

dunstonh

There are a couple of companies that put in made up complaints using one-size-fits-all template letters in the hope that something sticks. Typically, they do it not to get a chunk of any unlikely redress but to get you to transfer the pension at the same time and take a percentage out of the pot. That is where they earn the money.

The FSA did a review of contracting out of SERPs a few years back and issued a booklet on it. They found just 1.5% of people were potentially mis-sold. A very small failure rate. So, they are you sort of odds.

Here is guide and a flowchart in there to show whether you were potentially mis-sold or not:
http://collections.europarchive.org/tna/20080805072625/moneymadeclear.fsa.gov.uk/pdfs/s2p_wrongly_advised.pdf

honizz

If you were approached then it could be a scam, however I am aware of at least 1 firm where you have to approach initially. I would not pay an upfront fee either.

I used a firm last year and have recommended to a friend too. I won but my friend didn't. We were both happy with process.

Any more questions please do not hesitate.

H