How Total Wealth Solutions Limited Was Involved in Pension Mis-Selling
Thousands of UK savers were wrongly advised to transfer their workplace or final salary pensions into high-risk schemes by firms like Total Wealth Solutions Limited. If you received unsuitable pension transfer advice, you could be entitled to claim compensation. Understanding your rights is essential, especially since pension mis-selling claims are time-limited. You can book a free consultation to assess your eligibility for a no-win-no-fee claim.
Final Salary Pension Transfers: What Went Wrong?
Defined Benefit (DB) pensions, including final salary and career average schemes, are some of the most valuable retirement plans available. They offer:
- Guaranteed income for life
- Inflation-linked increases
- Spouse and dependent benefits
Despite these advantages, many advisers—like those at Total Wealth Solutions Limited—encouraged clients to transfer out of DB schemes into Self-Invested Personal Pensions (SIPPs), often exposing them to:
- Market volatility and investment risk
- High advisory and management fees (up to 7%)
- Loss of lifelong guaranteed income
In many cases, these transfers were not in the client’s best interest. The Financial Conduct Authority (FCA) found that nearly 50% of DB pension transfer recommendations were unsuitable.
How to Spot a Mis-Sold SIPP or Pension Transfer
If you dealt with Total Wealth Solutions Limited or a similar firm, look out for these common signs of mis sold pension advice:
- You were advised to transfer into a SIPP without understanding the risks
- Your investment portfolio included unregulated or high-risk assets (e.g., overseas property, mini-bonds, storage units)
- You weren’t given a clear comparison between your old and new pension benefits
- The adviser failed to consider your retirement plans or risk tolerance
“I was assured my pension transfer was low-risk, but lost nearly 40% in speculative investments. Only later did I learn this advice was completely unsuitable for someone nearing retirement.” – D. Fletcher, Manchester
If this sounds familiar, you may have a valid case for a pension mis-selling claim.
Failures in Advice from Total Wealth Solutions Limited
Total Wealth Solutions Limited has been linked to several cases where clients were advised to move their pensions based on flawed, incomplete, or misleading information. Common issues include:
- Failing to explain the long-term impact of giving up guaranteed income
- Encouraging pension transfers for the sake of earning commission
- Recommending complex, illiquid investments to inexperienced clients
Such advice often breaches FCA rules, making you eligible for compensation through the FSCS or the Financial Ombudsman Service.
What Compensation Routes Are Available?
If you were given bad pension advice, there are several ways to pursue compensation:
- Financial Ombudsman Service (FOS): For firms still trading or recently closed
- Financial Services Compensation Scheme (FSCS): If the advice firm has gone out of business
- Professional negligence claim: For situations involving solicitor or third-party negligence
A free claims assessment can help identify the most appropriate route based on your situation.
Time Limits on Mis-Sold Pension Claims
There are strict time limits for pursuing a mis sold SIPP pension claim. You typically must file within:
- 6 years from the date you received the advice
- Or 3 years from when you first became aware something was wrong
It’s vital to act quickly. Most successful claims are made close to the deadline. The sooner you begin the process, the easier it is to collect relevant documents and evidence.
Next Steps: How to Claim Compensation
If you suspect your pension was mis-sold by Total Wealth Solutions Limited:
- Gather your advice reports, pension transfer paperwork, and any emails or notes from the adviser
- Write down any promises made about returns, risk, or suitability
- Book a no-obligation consultation with a claims expert
Many firms handle claims on a no win no fee basis, so there’s no upfront cost to get started. Even if you’re unsure, a quick review can give you clarity on your options.
Why These Claims Often Succeed
The success rate for pension mis-selling claims is high because:
- Advice firms often failed to comply with FCA guidelines
- Documentation tends to show a lack of risk discussion
- Firms prioritised commission over client wellbeing
If Total Wealth Solutions Limited failed to prove the pension transfer was in your best interest, you could receive compensation for financial losses and missed retirement income.
Checklist: Was Your Pension Mis-Sold?
If you answer “yes” to any of the following, you may have a valid claim:
- Were you advised to transfer a final salary or workplace pension?
- Were you told your new pension would perform better or was “low-risk”?
- Did your investments fall in value or seem unclear?
- Were you unaware of the fees or risks involved at the time?
If so, contact us today to discuss your case. You could recover thousands in lost retirement funds.