Introduced in 1989, SIPP Pension’s (self-invested personal pension) in many ways is like a personal pension in that they offer a tax-efficient vehicle for retirement savings, however, how these pensions perform is based entirely on how well the investments inside them perform. Unfortunately, some people have invested into unregulated funds such as Overseas Property, Storage Pods, Biomass and Green Schemes, German Real Estate, CFD’s, AIME’s, Forestry Schemes, and many more.
It firstly depends on if the business we are claiming against is still trading. If your advisers are still trading then they have to give us a final decision within 8 weeks. Many choose to defend claims, which then means your case may be passed on to the Financial Ombudsman Service (FOS) for an independent review, which can take approximately 6-12 months to resolve. Many of the cases we deal with involve advisers or businesses that have stopped trading. In these circumstances, we would take your case to the Financial Services Compensation Scheme (FSCS), their turnaround for these claims is approximately 6-12 months.
It is possible to find a lost pension – there are many free online resources in which to do this and at Gordon Hoffman Solicitors although we do not run this service we can certainly help direct you in finding your pension so you can make a claim.