What You Need To Know
A Self Invested Personal Pension (SIPP), is a personal pension scheme approved by the government. SIPPs were introduced in 1989, and since then more than a million UK citizens have used an SIPP to further their pension pot.
However, SIPPs are considered riskier than other types of savings as they rely on the success of where the money is invested.
Particularly risky investments included, but were not limited to:
- Overseas Property Investments
- Farmland Global Forestry & Carbon Credits
- Store First Storage Pods
- Oil & Palm Oil Plantations
Sadly, SIPPs were widely mis-sold, and a great number of people have lost much of their hard-earned savings as a result.
In light of the SIPPs mis-selling scandal, the Financial Services Compensation Scheme (FSCS) have set aside £375 million to pay for compensation costs, where complaints are made about mis-selling.
If you believe you have been mis-sold your SIPP you too could be entitled to compensation.