Baker Wainwright and Mis-Sold Pension Transfers: What You Need to Know
Thousands of UK savers were advised by Baker Wainwright to transfer out of secure final salary pensions into high-risk SIPPs or private pensions. Many later discovered their pension transfer was mis-sold due to unsuitable advice. If you suspect you’re a victim, a free pension consultation can clarify your options. Baker Wainwright Mis Selling
Risks of Final Salary Pension Transfers
Transferring away from defined benefit (DB) schemes like final salary pensions strips savers of guaranteed income and exposes them to investment risks. Baker Wainwright faced scrutiny for:
- Failing to explain the loss of safeguarded benefits
- Recommending high-fee SIPPs without justifying costs
- Overstating potential returns while downplaying risks
Many clients later realized their final salary transfer mis sold private pension left them worse off financially.
Identifying Mis-Sold SIPPs
Common red flags of unsuitable SIPP transfer UK advice include:
- Pressure to move pensions into unregulated investments
- Lack of clear risk warnings about market volatility
- Advisers receiving commissions for transfers
“My Baker Wainwright adviser claimed my new SIPP would ‘outperform’ my DB pension, but I lost 40% in two years.” — Former client, Leeds
How to Prove Mis-Selling
Successful mis sold pension claims require evidence such as:
- Original transfer recommendation documents
- Proof the adviser didn’t assess your risk tolerance
- Comparisons showing worse outcomes post-transfer
A professional claims review can help gather this documentation efficiently.
Compensation Pathways
If Baker Wainwright provided negligent bad pension advice claim guidance, you may reclaim losses through:
- Financial Ombudsman Service (FOS) complaints
- Financial Services Compensation Scheme (FSCS) claims
- Legal action against the firm
Time limits apply – typically six years from the transfer or three years from discovering the issue.
Next Steps for Affected Savers
If you suspect a mis sold pension transfer, prioritize:
- Reviewing your original advice paperwork
- Documenting financial losses from the transfer
- Seeking specialist assessment of your case
Many claimants qualify for no-win-no-fee assessment services to pursue compensation without upfront costs.