Terms and Conditions

by | Oct 16, 2018 |

1. About us

 

Pension Claim Consulting Ltd registered is England and Wales under registered number 9626782. Our registered office is at Redlands Business Centre, 3-5 Tapton House Road, Sheffield, S10 5BY.  Pensions Claim Consulting Ltd is regulated by the Claims Management Regulator in respect of regulated claims management activities, authorisation number CRM 41521.

1.2: Pensions Claim Consulting Ltd provides a mis-sold pension claims service in relation to pension transfers out of all types of pension schemes.  We can examine the advice and service provided to you to see if you were incorrectly advised to transfer your pension.

 

2. Your options

 

2.1: We will carry out an initial assessment and based upon your responses consider if it is in your best interests to pursue a claim.

2.2: We will tell you where you may be able to make a claim yourself directly for free to the Financial Services Ombudsman (FOS) or Financial Services Compensation Scheme (FSCS) or an alternative dispute resolution scheme.

2.3: If you decide that you need help to pursue a claim we will tell you that you should shop around and compare services and fees.

 

3. Our service

 

3.1: If you decide to instruct us to pursue your claim we will ask you to read and sign this document and will provide you with letters of authority to sign so that we may contact your Financial Adviser, previous pension provider and new pension provider on your behalf.

3.2: We will chase responses and keep you regularly updated throughout the claims process and provide you with likely ongoing time scales.

3.3: We will collect evidence and carry out our investigations on your case.  We will advise you in writing of our findings, suggested next steps and proposed approach to your claim.  Typical approaches we may consider taking are as follows:

If we believe that you were wrongly transferred out of your previous pension we will submit a letter of claim to the firm responsible.

Where the firm rejects your claim, we may submit it to the FOS for consideration if we believe this is the best course of action.  We will assess this and advise you of this submission before we go ahead with this.

If the firm no longer exists we will seek to submit your claim to the FSCS or to the Financial Adviser professional indemnity insurer.

3.4: We will keep you informed of the progress of your claim at all times and will consult with you before taking any steps in relation to your claim.

3.5: If an offer of compensation is made, we will assess this offer, benchmark it against any available and relevant industry guidelines in respect of compensation payments (including guidelines published by the Financial Conduct Authority and/ or the FOS (the Guidelines) and provide you with a recommendation as to whether to accept it or not.

3.6: We will then provide you with an invoice for our services based on our Success Fee as shown in clause 5 of this agreement.

 

4. Your Obligations

 

4.1: You will, by signing the letter of authority we provide to you, appoint us as your agent so that we can liaise with your Financial Adviser, your pension providers, your Financial Adviser professional indemnity insurers, the FOS, and the FSCS (as appropriate).

4.2: You must ensure that you always supply truthful, complete and accurate information.

4.3: You must forward any correspondence which you receive regarding your claim to us and you must provide us with any and all information and documents which are relevant to your claim, and which you possess, such as any documentation or information about your new or old pension, and anything given to you by your Financial Adviser. We will rely upon the responses and documentation you provide to assist us with our assessment of your claim and the best way to pursue it.

4.4: You must promptly reply to any requests for further information and documents we make with as much detail as possible.

4.5: You must promptly pay our Success Fee in accordance with Clause 5 below.

 

5. Our Fees

 

5.1: If we are not successful in securing an offer of compensation for you, you will not have to pay any fee to us.

5.2: Our Success Fee is equal to 15% + VAT (totalling 18%) of the compensation offered to you.

Typical examples of how our Success Fee will be calculated

If we secure an award of compensation on your behalf for £10,000 our success fee would be £1,800 (£10,000 x 18% includes VAT).

If we secure an award of compensation on your behalf for £30,000 our success fee would be £5,400 (£30,000 x 18% includes VAT).

If we secure an award of compensation on your behalf for £50,000 our success fee would be £9,000 (£50,000 x 18% includes VAT).

The standardised figures used for the cost illustrations are not to be taken as an estimate and that the fees charged in practice may vary.

5.3: You should be aware that compensation means financial benefit, which you receive as a result of our service whether this is attributed to your pension fund or paid to you in cash.

5.4: If we are successful in securing an offer of compensation for you, we will review the offer, benchmark the offer against industry guidelines (including the Guidelines) and make a recommendation to you as to whether we consider it in your best interests to accept or reject the offer.

5.5: If we recommend that you reject the offer of compensation, either:

You agree with our recommendation, we will attempt to re-negotiate an alternative offer of compensation for you, and a Success Fee will then be payable should you receive an alternative offer which we recommend that you accept; or

You disagree with our recommendation and you decide to accept the offer of compensation, our Success Fee becomes due.

 

 

5.6: If we recommend that you accept the offer of compensation, either:

You agree with our recommendation and you decide to accept the offer of compensation, our Success Fee becomes due; or

You disagree with our recommendation and you decide to reject the offer of compensation, our Success Fee becomes due.

Illustrative examples of how our Success Fee is charged:

If you receive an offer of compensation of £30,000 and we recommend that you reject this offer, but you decide to accept the offer, we will charge you £5,400, leaving you with £24,600.

If you receive an offer of compensation of £30,000 and we recommend that you accept that offer and you disagree, you will not receive the compensation and we will charge you £5,400, which you will be liable to pay to us.

The standardised figures used for the cost illustrations are not to be taken as an estimate and that the fees charged in practice may vary

5.7: In the event that compensation is paid to our Client Account, we will send you the compensation less our fees within 2 working days.

5.8: If the compensation is paid directly to you or your pension scheme, we will send you an invoice for our Success Fee.  This invoice will become payable within 14 days of you, or your pension scheme, receiving the compensation offered.

5.9: If any Success Fee remains outstanding after 14 days of the date of you receiving compensation, or 14 days after receiving our invoice, we reserve the right to refer your debt to third parties to pursue you for payment on our behalf.

5.10: We may also make charges in the event that you terminate your contract after the 14 day Cooling off Period.

5.11:  If any Success Fee remains outstanding after 14 days of the date of you receiving compensation, or 14 days after receiving our invoice, we reserve the right to refer your debt to third parties to pursue you for payment on our behalf.  You should be aware that the debt recovery process may incur additional costs and these costs will be payable by and these costs will be charged as at the date of the referral.

 

6. Cancellation 

 

6.1: If you decide that you do not want to proceed with our services at any time before an offer of compensation is made. You can cancel this agreement by post, telephone, email or using our Cancellation Form.

6.2: If you cancel during the first 14 days Cooling off Period from the date you signed this agreement you will not have to pay any cancelation fee to us.

6.3: If this agreement is cancelled after the 14 day Cooling off Period but before an offer is made, by either you or us, we may charge you a cancelation fee of £90 per hour.  Our cancelation fee is capped at a maximum amount of £1,500.

6.4: If this Agreement is cancelled on or after when an offer of compensation has been made we will charge our Success Fee of 15% plus VAT (18% in total).

6.5: We can cancel this agreement if you materially breach any of your obligations and you fail to rectify your breach within 28 days of us telling you (which we will attempt to do by both telephone and post).

 

7. Complaints

 

7.1: We hope that you will be very pleased with the service that we provide but in the unlikely event that you have a complaint please ask for a copy of our complaints procedure.

7.2: We will acknowledge your complaint within five days and will seek to provide a full response within four weeks.  If we are unable to do so we will send you a holding response and issue a final response within eight weeks of your initial complaint.

7.3: If you are not satisfied with the handling of our complaint, or we do not respond within eight weeks you may refer the matter to the Legal Ombudsman.

 

8. Other Important Information

 

8.1: You are entitled to seek further advice in relation to your claim and to consider what services might be most appropriate to your claim for compensation. We will advise you after both our initial and full assessment of whether any alternative methods would be more appropriate for pursuing your claim.  In particular you have the right to shop around and you should be aware of the free services provided by the Financial Ombudsman Service.

8.2: The provisions of the Contract (Rights of Third Parties) Act 1999 are excluded from this agreement, which means that only you have and we have any rights under this contract.  However, we can assign our rights and responsibilities in this contract provided that the person we assign it to agree to provide the same services to you in accordance with this contract.  We will write to you before any assignment is made to ensure that you are aware that it is happening.  You have the option to cancel your contract without charge in these circumstances.

8.3: Our service does not include progressing any matter to civil court proceedings although you should be aware that this is an option that you are entitled to pursue in the recovery of compensation should the pursuit of a claim with us be unsuccessful.

 

9. Declaration

 

This is our standard Terms and Conditions upon which we intend to rely.  For your own benefit and protection, you should read these terms carefully before signing them.  If you do not understand any point please ask for further information.

I am aware of my Options and the Costs of the Service and I appoint Pension Claim Consulting Ltd to act on my behalf in respect of my actual or potential mis sold financial product claim, and to represent me in investigating, presenting and negotiating my claim.

Pension Claim Consulting Ltd is registered in England and Wales under registered number 9626782.  Pension Claims Consulting is regulated by the Claims Management Regulator in respect of regulated claims management activities; its registration is recorded on the website www.justice.gov.uk/claims-regulation under the CRM Registration CRM 41521.