What to do if you were mis-sold a pension by Lincoln Financial Group?

25 Mar 2021, Posted by admin in Latest News

Pension mis-selling is a serious problem generating thousands of claims. If you have ever had a pension transfer with Lincoln Financial Group then you may also have been the victim of mis-selling. Where that is the case you could be entitled to compensation, especially if you feel like you were given the wrong advice about the pension transfer. If you were mis-sold a pension transfer by Lincoln Financial Group then now is the time to take action if you want to make sure you get the compensation you deserve.

What is pension mis-selling?

If you were advised by Lincoln Financial Group to transfer your pension benefits into a private pension from a workplace pension then the pension transfer may have been mis-sold to you. That’s especially so where making the transfer hasn’t actually provided any additional benefits for you. In fact, the opposite may have been true and making the transfer may actually have left you at a disadvantage.

What to do if you were mis-sold a pension

The first step if you were sold a pension transfer by Lincoln Financial Group is to look at whether this could have been mis-selling. There are a number of different indicators that this may have been the case, including:

  • You weren’t given information about how the new pension plan would perform in comparison to the pension plan that you already had.
  • You felt like Lincoln Financial Group were putting pressure on you to agree to the pension transfer even though it wasn’t necessarily in your best interests or to your advantage.
  • Lincoln Financial Group didn’t provide you with key information about the negative impact of transferring your pension, in particular that you would lose the guaranteed benefits that came with the company pension scheme if you opted out of it and transferred your pension to a private scheme.
  • Lincoln Financial Group encouraged you to transfer your workplace pension even if it wasn’t the best option for you to do so.
  • You made the pension transfer after moving jobs and being told that a new employer did not provide a pension scheme and that you’d need to transfer your existing workplace pension into a private pension.
  • You were never given any advice by Lincoln Financial Group about the impact of transferring out of a company pension scheme in terms of losing employer contributions that would have been paid into your pension if you had stayed with the workplace scheme.
  • The pension that was offered to you as an alternative to the workplace pension you were opting out of was presented as a better option – and one that would outperform your current pension even though that was unlikely to be the case with a riskier, stock based pension.

If any of this sounds familiar then you may have been mis-sold a pension by Lincoln Financial group and you could be entitled to compensation. To find out more about financial misselling from Lincoln Financial Group refer to our website…

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