Letter from pension provider about charges

Bluenovello_2 · 18 June 2013 at 9:10PM

I received a letter out of the blue from my pension company (a personal pension) confirming that the advice they had given me a few years ago about combining various personal pension pots with different companies into one policy with them, had been 'unsuitable' and that as a result I had been left out of pocket as far as charges go. They apologised and confirmed they would be making a notional £1500 payment to my policy to negate the loss, but that this payment would not appear on my next statement.

I'm a bit suspicious about all of this and am not sure whether to take what they've said (and the £1500) on face value, or whether there is something more serious at play, that may be worth me taking advice on or who I could speak to without incurring costs?

Has anyone heard of this kind of thing before or have any suggestions on the best course?

Thanks in advance.

bigadaj · 18 June 2013 at 10:58PM

You'd be better posting in the pensions forum.

Sounds as though you haven't transferred out of final salary schemes, which is the big no no, but as you say you have no idea whether what they have awarded is fair. Might be worth contacting them and suggesting an independent review, you can then speak to an ifa and get them to review as a check. The provider should pay these fees, and should be ok to pay it as the alternative is you reporting them to the Fca and being fined and punished.

Letter from pension provider about charges

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