Pensions are income saved and nurtured over the years to be used when one attains retirement age
. With the growth of investment opportunities many people have been tempted to invest their pension funds in more lucrative pension schemes that reap them higher value in their old age. In recent years many working professionals were contacted by insurance companies and encouraged to withdraw from state backed pension schemes and invest in a higher returns option. Unfortunately their dream of a comfortable life after retirement soon turned into a nightmare due to mis sold pensions.
In most circumstances the investor gets to know of the losses only on retirement. Some really tragic cases reveal that pensioners are not able to meet daily needs with the amount that now comes in from their pension fund. With a growing list of complainants a detailed investigation was launched against such private companies revealing cases of mis sold pensions of wide proportions.
Mis sold pensions have put millions of savers in a weaker financial position contrary to what the earlier claims promised. Following the investigation, the defaulting companies were ordered to refund the entire dues, due to a pensioner that would have been accumulated for him had he not withdrawn from his original pension scheme.
Though a deadline of year 2000 was put up for claiming compensation, it is still possible to reclaim your earnings. Simply by checking the gap in your current statement against your employer's pension scheme's projected returns for you, you can arrive at the deficit amount in your mis sold pension and make a claim.
There are also cases where the perpetrators of the scam are no longer traceable. In such cases bringing the matter to the notice of Financial Services Authority can still bring hope and relief to you.
The revelation of this large scale fraud has also given rise to the regular share of touts who claim to help you deal with these proceedings. Do not fall into the trap of ambulance chasers that excel in giving false hope and unrealistic expectations. Be prudent as you scout around for genuine aid providers.
Investments have only two results whatsoever; that of high profits which pave the way for future investments in the same line while the other are that of losses which in extreme cases leads to bankruptcy. In general cases investments may be a wise option but trusting your old age funds in the hands of unscrupulous investors is not such a great idea.