If you had a self-invested personal pension that you feel you weren’t fully informed on, it could have been mis-sold to you.
What is a self-invested personal pension?
A self-invested personal pension (SIPP) gives you the option to control your own pension. You invest your retirement fund yourself in a Sipp instead of relying on a pension company.
What can I invest in?
SIPPs allow you to invest in a number of schemes and assets. This includes:
- Offshore funds
- Commercial property and land
- Financial Conduct Authority (FCA) recognised investment companies
- Investment trusts
Is a self-invested personal pension suitable for me?
SIPPs are meant for people with a healthy pension pot who can afford to take bigger risks. For this reason, good pension investment knowledge is also a key factor. As a result, you should not invest unless you can afford to lose the money.
If you are not well practiced in pension investments, you should consider seeking professional advice. Financial advisors can assist you in making pension investment decisions.
Additionally, you should make sure you meet the following criteria before investing:
- You’re seeking a wider range of options in your investment decisions
- A financial advisor is acting on your behalf
- You’re able to make significant and regular contributions with an already large pension pot
- You wish to consolidate your pensions into one place
- For further income, you’d prefer to keep your money invested even after retirement
How do I know if my self-invested personal pension was mis-sold?
Finally, SIPPs can be mis-sold when the investor was not made fully aware of the risks involved. You don’t necessarily have to have lost money on the investment.
This is often down to poor investment advice. Advisors must be fully aware of your unique circumstances and what you want to achieve. This way, they can offer suitable guidance for your unique circumstances.
If you believe you have been mis-sold a self-invested personal pension as a result of poor advice, get in touch today.