Missold pension calculation

Townhead_2

Having made a complaint about a missold pension this was conceded but the calculation of compensation was based guidelines from April 2003 which don't cover the loss.
I was originally persuaded to transfer from a guaranteed pension of approx £5k pa to a policy which now has a fund of only £12k when a fund of probably at least £70 k would be needed to generate a £5k pension.
I was offered only £30k which I then complained about to the ombudsman but he tells me that the April 2003 guideline is correct so tough!
Is it worth going to court possibly on a no win no fee basis to try to get some of the obvious shortfall?

dunstonh

Is it worth going to court possibly on a no win no fee basis to try to get some of the obvious shortfall?

Calculation method aims to put you in the same position you would be if the transaction had never been done. If they cannot put you back in the old scheme then they have to increase the fund value to a level.

That doesnt mean replacing the shortfall as the revised value will still grow over the years and that needs to be taken into account.

Townhead_2

Thanks Dunstonh but how can #30k compensation plus #12k ie build up over 5 years to the #70k necessary? How is that reasonable?