Pension transfer

MikeJones_2

Hi dunstonh (and apologies to harvestmoon for not directly answering your query),

dunstonh wrote: »

I think it was 6th April 1988 that the rules changed on female teachers.

That would be logical as until that date there was no statutory obligation for a defined benefit scheme to pay a widower's guaranteed minium pension (WGMP) on death of the (female) scheme member.

dunstonh wrote: »

The only time an adviser could be liable for mis-sale is if the personal pension had been increased through an adviser after April 1988. However, its also unlikely that harvestmoon has a personal pension as they wouldnt have existed at the time it was taken out either. It would have probably been a section 226 retirement annuity contract.

RACs were available until 1st July 1988 although those with one could continue thereafter.

Personal Pensions were introduced with effect from 1st July 1988.

Mike

I work in the field of Pension Education and Pension Guidance in the UK. I am a member of the Specialist Pensions Forum as well as being a Voluntary Adviser for The Pensions Advisory Service. I work with scheme members, employers, trustees, scheme administrators and advisers on most things to do with employer sponsored pension schemes. The views expressed by me in this thread are my personal opinions. You should seek professional advice from an appropriately experienced and qualified adviser. I am not an IFA.