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    • Brumlad87
    • By Brumlad87 11th Jul 17, 10:08 PM
    • 7Posts
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    Brumlad87
    My Dad's Pension - Lost??
    • #1
    • 11th Jul 17, 10:08 PM
    My Dad's Pension - Lost?? 11th Jul 17 at 10:08 PM
    Good Evening,

    My dad retires later this month, he has three private pensions paid into through his employment plus the standard government pension. He is having trouble with one pension and has been since i first told him to chase it about 2 months ago because he hadn't heard anything about it about (the other two pension companies contacted him roughly 6 months before retirement was due)

    My dad has a small pension whilst he was working for Christian Salveson, since his leaving the company the pension provider has changed three times due to buy-outs (or takoevers whichever terminology is preferred)
    He has contacted the current provider (sorry, unsure at the moment of writing this) and they said they can see his details on the system but can't find the pension funds - my guess would be it's fell into a "black-hole" of sorts during the take-overs and so far they still haven't been able to find it.
    He does have documentation that was sent to him a few years ago detailing the amount paid at that time so i imagine the amount is still fairly similar today after interest etc.

    I think the company has had enough time to try and find it and that my dad should escalate this to an external body with some authority - does a company such as this exist? Would the FSCS or Financial Obudsman be able to get involved in this?

    Thanks for the help in advance.
    Last edited by Brumlad87; 11-07-2017 at 10:11 PM.
Page 1
    • GunJack
    • By GunJack 11th Jul 17, 10:46 PM
    • 9,643 Posts
    • 7,199 Thanks
    GunJack
    • #2
    • 11th Jul 17, 10:46 PM
    • #2
    • 11th Jul 17, 10:46 PM
    I'd send them a copy of the documentation he has (keep originals safe) in order to help them to track your dad's details/pension down....even if they have to take his evidence as a starting point, it may speed up the process.
    ......Gettin' There, Wherever There is......
    • hyubh
    • By hyubh 11th Jul 17, 11:10 PM
    • 1,859 Posts
    • 1,378 Thanks
    hyubh
    • #3
    • 11th Jul 17, 11:10 PM
    • #3
    • 11th Jul 17, 11:10 PM
    My dad has a small pension whilst he was working for Christian Salveson, since his leaving the company the pension provider has changed three times due to buy-outs (or takoevers whichever terminology is preferred)
    Originally posted by Brumlad87
    You sure - do you just mean that the administrator has changed a few times?

    He has contacted the current provider (sorry, unsure at the moment of writing this) and they said they can see his details on the system but can't find the pension funds
    Is this definitely DC? Not obvious to me (Christian Salveson had a COSR scheme back in the day).

    - my guess would be it's fell into a "black-hole" of sorts during the take-overs
    Admin data quality may just be rubbish after going through the data migration mill a few times...

    He does have documentation that was sent to him a few years ago detailing the amount paid at that time so i imagine the amount is still fairly similar today after interest etc.
    That's not how either DB or DC works, and I'm pretty sure CS didn't operate a 'cash balance' scheme where what you assume could arise.

    I think the company has had enough time to try and find it and that my dad should escalate this to an external body with some authority - does a company such as this exist? Would the FSCS or Financial Obudsman be able to get involved in this?
    You need to raise a formal complaint to CS pensions, under their 'internal dispute resolution procedure' (IDRP) if they have one, first. If going through that fails, then the next step is raising a case with the Pensions Ombudsman:

    https://www.pensions-ombudsman.org.uk/our-service/make-a-complaint/
    • xylophone
    • By xylophone 11th Jul 17, 11:39 PM
    • 22,369 Posts
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    xylophone
    • #4
    • 11th Jul 17, 11:39 PM
    • #4
    • 11th Jul 17, 11:39 PM
    Is this definitely DC? Not obvious to me (Christian Salveson had a COSR scheme back in the day).
    https://www.professionalpensions.com/global-pensions/news/1460387/christian-salvesen-scheme-gbp1m-aid


    The DB pension scheme has been closed to new recruits since April 2000.

    The company said its DC scheme, launched in April 2001, has “proven popular and does offer a more cost-effective way of providing pensions to employees”.

    Employees are eligible to join the scheme after six months’ service.
    • hyubh
    • By hyubh 12th Jul 17, 7:55 AM
    • 1,859 Posts
    • 1,378 Thanks
    hyubh
    • #5
    • 12th Jul 17, 7:55 AM
    • #5
    • 12th Jul 17, 7:55 AM
    The DB pension scheme has been closed to new recruits since April 2000.

    The company said its DC scheme, launched in April 2001, has “proven popular and does offer a more cost-effective way of providing pensions to employees”.
    Originally posted by xylophone
    Sure, but the original post was written in the past tense. Perhaps Brumlad87 can clarify when his dad's employment with CS was...?
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