We help clients identify if they have been mis-sold a pension.
Pensions can be one of the most tax-efficient forms of investing for retirement. The SIPP scheme (Self Invested Personal Pension) is a personal pension scheme approved by the UK government. SIPPs act as ‘wrappers’ and allow investors to have the freedom to use a wider range of investments and products in order to grow their pension fund.
A SIPP can offer up to 45% tax relief on contributions and no capital gains tax or additional income tax to pay in the UK Due to the wide range of the investments allowed in a SIPP and the fact that they usually follow a recommendation from your financial adviser and not the SIPP company, your capital can end up being placed into riskier unregulated investments, such as high-risk hotels & commercial property, carbon credits, bio diesel and forestry. This can result in investors losing most of their pension fund.
Were you advised to place your existing pension into a SIPP?