An Overview of Pensions


A pension is a form of investment, or savings plan designed to provide you with an income to live on when you retire. There are many different types of pension arrangement available, from state pension schemes offering, limited financial support for your old age, to private pension plans giving you the freedom to build a larger fund for your retirement. Over the years the pensions market has changed and along with it the way it is regulated. Many people do not know they are able to complain if their pension was miss sold / miss advised and we specailise in ensuring our clients and put back into the same financial position they should have been originally.

Pension Claim Types:

Apart from FSAVC Pensions mis selling we commonly deal with two other types of pension claims:

Pension Transfers to Personal Pensions

Opt Out or Leaving Company Pensions

Personal Or Stakeholder Pensions – Regular Contributions

You may be paying, (or have previously paid) into a Personal Pension or Stakeholder Pension while still a member of the employer’s pension scheme. These type of pensions may have been unsuitable for you if you had the option to purchase added years or contribute to your In-House AVC and especially if you had no private earnings.

Opt Out or Leave Company Pensions

An opt – out is where you could have been a member of an occupational pension, particularly a “defined benefit” or “final salary” scheme and you were sold a personal pension instead.  Your personal pension would have not had the benefit of guarantees and/or the employers’ contribution. Such claims can be substantial.


How Do I Know If I was Mis-Advised?

  1. If you were a member of a company pension, and were advised to stop it and start a personal pension, then you most likely have a claim.
  2. If you moved jobs and were advised not to join the company scheme, then as a non-joiner, you most likely have a claim.
  3. Government employee? – including NHS, the police, teachers, local government employees and firms who ran final salary schemes such as Lloyds bank, M&S, Post Office etc at the time.

Pension Transfers To A Personal Pensions Or Stakeholder Pension

How do I know if I was mis-sold?

  • You may have been persuaded to transfer out of your original occupational pension scheme into a personal one.
  • Occupational pensions linked to final salary have GUARANTEES and even if you left the employment years ago, those guarantees were valuable.
  • Any transfer out of an occupational scheme could be a mis-sale and should be investigated even if the transfer was made a long time ago.
  • X-Claims will give an initial opinion free of charge, so call now or complete an on line enquiry form.