What is a pension?
A pension is a regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed during their working life.
What types of pensions are there?
A pension is a regular payment made during a person’s retirement from an investment fund to which that person or their employer has contributed during their working life.
State Pension
A State Pension is what the government contributes to your retirement income. This is based on your National Insurance contributions, which means not everyone gets the same amount.
You pay National Insurance contributions when you work and are earning over a minimum amount.
Workplace Pension
If you are employed, you will be automatically enrolled into a workplace pension which both you and your employer pay into. A percentage of your pay is put into the pension scheme automatically every payday.
Self-Invested Personal Pension, also known as SIPP
This is a pension that you set up yourself, unlike other types of private pensions where you usually rely on the scheme provider to decide where your retirement savings should be invested, a SIPP puts you in charge, you’ll be taking on responsibility for choosing and managing your own investments.
Qualifying Recognised Overseas Pension Schemes, also known as QROPS
QROPS is an overseas pension scheme, this allows individuals permanently living overseas to continue to save to provide an income for retirement, by transferring their UK pensions to a pension based in their new country of residence.
What is a mis-sold pension?
Mis-selling is when people are targeted and talked into transferring their pensions into unsuitable, unregulated, or failed investments by salespeople, these are usually done by cold calling.
These targeted people have transferred from secure pensions into Self-Invested Personal Pensions (SIPPs), Qualifying Recognised Overseas Pension Schemes (QROPS) or other personal pensions.
If you were advised to transfer your pension into an inappropriate scheme or investment, you could have been mis-sold.
If you believe you may have been a victim of a scam or lost your pension in a scheme that sounded genuinely no-risk, please contact us on 0113 486 2314.
Katie Whapham is currently working as a legal assistant in the Finance Litigation Department. Initially, Katie was part of the administration and new enquiries team when she joined Oakwood Solicitors …
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