Hidden fees on old pensions could be hitting thousands of people in the pocket

Would you still pay a mortgage on a property that you no longer owned?

Would you still pay fees for a pension that has no worth?

We cannot answer the first question for you, but we can tell you that you should not have to pay administration fees for an empty pension.

Since 2006 millions of pounds were placed into Self Invested Personal Pensions (SIPPs), allowing people to invest in various high-risk projects that promised excellent returns. Unfortunately the majority of these projects failed and left the client with empty promises and, even worse, an empty pension. The long-term effect of this meant that many people had to work longer into retirement, sell their family home or just have no future financial security.

Empty wrapper

Many of these were able to “claim” back the transfer value from the Financial Services Compensation Scheme, but their nightmare didn’t finish there – they are still being charged by the scheme operators for the empty pension wrapper.

Two of the largest Pension Operators have now gone into liquidation leaving people uncertain as to what is happening with their pensions and whether they will continue to be charged. The only certainty is that these fees are contractually owed and will be collected by someone, whether this be the liquidator, Purchaser or Debt Recovery Company.

Chris Sharman, the Sales Manager at The Claims Bureau said: “When we speak to clients and inform them we have their claim upheld they are excited and relieved. By being able to offer the closure of the pension we are essentially putting the client back to the position they were in before the investment debacle happened”.

If you, or someone that you know, finds themselves being affected by this you should give the team a call on 01903 868251 or visit www.tcbpension.group/pensionclosure. A ten-minute call would help establish whether they can get you any further compensation and explain how the process works.