Self-Invested Personal Pension (SIPP) - Scam issue
Who is your issue with?
Resolver is free. No adverts, no hidden costs. Just raise a case and leave feedback after. Simple! We’ve helped millions of people find a resolution. Get started now and let’s get this sorted.
Know your rights
There’s no jargon in our rights guides. Instead, they’re full of the info you need to get things sorted. We’ll always be on hand with guidance and support to help you get the results you’re looking for.
Get your voice heard
You can be certain that you’re talking to the right person at the right time. We automatically connect you to contacts at thousands of household names, ombudsmen and regulators to find a resolution.
A SIPP is basically a DIY pension – you choose how your savings are invested and have full control over them. With a SIPP, you have a much wider range of options available to you. However, with any investment comes risk – and you stand to lose money from your pension fund. There are also charges associated with SIPPs, and these may be particularly high if you choose to invest in property or other specialist investments.
There are, unfortunately, a large number of frauds circulating that aim to trick you into handing over your savings. Pension scams will often be offered to you by text, phone call or email – and you should be careful of anyone personally approaching you about your pension without prior warning. Scammers often promise high rates of return through “overseas investments” and similar schemes, but aim to pressure you into transferring your savings over to them!
If you believe you’ve been targeted by a scam, you should contact your pension provider immediately. Hopefully, they have not yet completed the transfer and can stop the funds from being moved over. You should then contact Action Fraud on 0300 123 2040 to report the incident.
Unfortunately, if the transfer has gone through it might be very difficult to get your money back. Contacting Action Fraud is a good first step to take, after which it may be advisable to seek financial advice – the Pensions Advisory Service provides a good source of advice that may be able to help you through this difficult time. You should also consider contacting Pension Wise or Citizens Advice for free and impartial guidance.You should know
When you sign up to a scheme, you have the right to information about what you’ve signed up to – and you shouldn’t have to ask for it.
Your provider should tell you about:
- The basic details of the scheme
- The way the scheme works
- How you can leave the scheme
- The date the scheme will begin to pay out
- How much you’ll have to pay
- Exactly who is providing the scheme
You should periodically receive a statement showing information about your contributions and the state of your pension.
You have the right to leave your scheme, and your provider should give you details of your rights and options when you choose to do so. They should do this within two months of you stopping your contributions.
You can contribute to as many personal pension plans as you want to – provided you stay within the annual contribution limits. However, you can’t contribute to a workplace pension plan and a personal pension plan in the same year.
You will normally have the right to transfer your pension out of your previous scheme up until a year before you retire.
Who to complain to?
Depending on the nature of your complaint, your issue may need to go either the Financial Ombudsman or the Pensions Advisory Service and Pensions Ombudsman – it can get fairly complicated, but generally speaking the rules are as follows:
Complaints about personal (private) pensions and mis-sold schemes will go to the Financial Ombudsman. These include your SIPPS and Income Drawdown schemes etc. Complaints about workplace and government/state pensions go to the Pensions Advisory Service and Pensions Ombudsman.
Seems simple enough, but there's an exception. Any complaints about mismanagement or administration of a pension will go through the Pensions Advisory Service and Pensions Ombudsman – even if they're about a personal pension.
This can be confusing, but don't worry! The Financial Ombudsman and Pensions Advisory Service work together to direct your complaints to the right place. This means you'll be sure to get your issue heard, regardless of where it's sent.
Find the best rights for you
We have 5,196 pages of rights advice for you covering 6,976 companies and organisations across 17 public & private sectors. Feel free to browse companies for this specific issue - they're all listed below - but the quickest way to find the best rights for you is by using our unique Rights Finder to access our extensive database of advice.
Start by telling us the name of the company or organisation you have an issue with.