Unsuitable SIPP

A Self Invested Personal Pensions (SIPP) is a type of personal pension that allows a person more freedom and control over their pension pot.  SIPPs are designed give experienced and sophisticated investors flexibility to determine precisely how their pension pot is invested. 

 

In contrast to a traditional stakeholder or personal pension, a SIPP offers a greater number of funds, as well as the opportunity to invest directly in a number of different assets, including:

 

  • UK stocks & shares
  • Foreign stocks & shares
  • Unlisted shares
  • Investment Trusts
  • Unit Trusts
  • Open Ended Investment Companies (OEICs)
  • Exchange Traded Funds (ETFs)
  • Commercial property
  • Gilts and bonds
  • Certain National Savings & Investments products
  • Cash

 

For most people, however, a SIPP is unnecessary and their investment objectives can be adequately catered for by one of the array of traditional personal pensions that are available on the market.  

 

Rather than be utilised for sophisticated investors, in recent years the flexibility of SIPPs have been abused and have provided a vehicle for high risk and illiquid investments to be mis-sold to unsuspecting investors.

 

Typically, investors have been persuaded to transfer their pension pots out of traditional pension plans and into risky, illiquid and speculative investments that were simply unsuitable for their needs and requirements.

 

In many cases, entire pension funds have been lost or frozen in distressed investments.

 

At Cripps, we have a market leading, specialist financial services professional negligence team dedicated to assisting businesses and individuals who have suffered loss as a consequence of being mis-sold inappropriate and complicated pension investments.

 

With an in-depth knowledge of the regulatory background, our solicitors will listen to you and get to the root of where the professional’s service has fallen below the expected standard.

 

Contact us today on 01892 515 121 or contact@cripps.co.uk