contracting out of Second State Pension

dunstonh

I'm not the only one on taxi duty then

oceanblue_3

dunstonh wrote:

I'm not the only one on taxi duty then

Yeah - big 6th Form party tonight, and I'm collecting the whole gang and ferrying them to their respective homes. I guess you live in the countryside too - public transport isn't too clever round here, so Dad's taxi is kept very busy!

EdInvestor

oceanblue wrote:

You can request a review from AXA Sun Life, and they may decide that you need to be compensated; typically this would be via a compensation payment into a redress policy that runs parallel to the original policy.

And will this "redress" policy be on stakeholder terms, or the same as the original, so they can proceed to rip the policyholder off a second time?

oceanblue_3

EdInvestor wrote:

And will this "redress" policy be on stakeholder terms, or the same as the original, so they can proceed to rip the policyholder off a second time?

To be honest, I don't know. I usually wait to hear from the company concerned, as it's all a bit academic until the review is completed. However, should this approach prove unsatisfactory, I suggest you write to them at this address:

AXA Sun Life
AXA Centre
PO Box 1810
Bristol
BS99 5SN

While you're at it, perhaps you could let them know that, despite the absence of facts, you have concluded that they have cheated one of their customers.

EdInvestor

While you're at it, perhaps you could let them know that, despite the absence of facts, you have concluded that they have cheated one of their customers.

Funny that, I thought we were talking about the company paying compensation for an original misselling incident in the form of a new "redress" policy.

Brewster_2

oceanblue wrote:

A Protected Rights policy cannot, under current legislation, be transferred to a SIPP.

Standard Life is likely to demutualise next Summer and, as a result, any investment you have with them in a With-Profits fund is likely to earn you free shares. Of course, if this is not important to you, then you may well be able to transfer the three smaller policies to a SIPP. One question, though: what reasons do you have for selecting a SIPP rather than a Stakeholder or Personal Pension Plan?

I really have no idea why SIPP was chosen it was a recommendation. Unfortunately, I am not financially astute as you are. I already have an NHS pension plan and had originally tried to transfer the funds from Standard Life into it, but Standard Life said that it could not be done, something to do with the type of fund it was. You see, I had not thought of a stakeholder pension for me since I am 49 years. I would lhowever ike to do one for my son. Anyway back to me. What would your recommendation be instead of SIPP?

oceanblue_3

EdInvestor wrote:

Funny that, I thought we were talking about the company paying compensation for an original misselling incident in the form of a new "redress" policy.

If you look at what I actually wrote

oceanblue wrote:

If I were you, I would write to Sun Life to ask them to review the policy to ensure that you received best advice at the outset: it is possible you would have been better off staying contracted-in to SERPS

you'll see that you have jumped the gun. There is no evidence of any misselling at this point, yet you have accused the company concerned of cheating one of its customers. You have also assumed that charges on any possible redress policy will be excessive.

You seem to have an inveterate preference for using inflammatory language, and for sniping at others who don't share your views. While this approach might be welcome on your own website, I don't think it's necessary or appropriate here.

EdInvestor

Hi Brewster

Bells Sipps deals for placing little pensions into one place?

So you mean https://www.sippdeal.co.uk ?

dunstonh

If you have limited investment experiance then a stakeholder pension offers a very low cost option to invest money with generally lower charges than a personal pension or SIPP. I say generally as at age 49, there is 1 possibly 2 person pensions that may beat a stakeholder. However, the SIPP would be more expensive than the stakeholder.

A decent stakeholder provider can offer a good fund range allowing you invest in a diverse portfolio. A poor stakeholder would not offer that but the charges would be very similar.

Did the NHS occ scheme reject the pension because of the protected rights element? (not important if you dont know - its probably the reason but just wanted to check)

Brewster_2

Oceanblue, I have penned a letter to Sunlife asking for a review of my policy. I will let you know how I get on.

Thanking you again for your advice.