Mis-Sold Pension

TheRedAdmiral

When I as much younger, on the 6th April 1992 I was sold a Pension believing that my monthly payment would be invested and that I could either use the funds to retire when I was 50 or withdraw the funds early should I so desire.

I questioned this many years ago and was told "No - You cannot withdraw the funds". I complained to the fund provider (SLOC) and immediately stopped making payments.

I simply have no need for a pension fund as I invest in property. I started the fund simply because I thought I could withdraw funds. In hindsight I should have been sold a Savings Plan not a Pension!

However, I felt I had no alternative other than to accept what was told to me.

My fund presently has £8000 in it and it is now more of an issue. This is my money at the end of the day and I would personally like to invest this money myself in an asset of my choosing (i.e. deposit for a further property) where I believe I can get a better return "for my pension".

Do I have grounds to take this further?

Thanks in advance....

Leon_W

You could transfer it into a SIPP. I believe this would then give you the option to invest in property if you so wished.

Speak to an IFA, or dunstonh will probably be along in a minute with a more indepth answer.

dunstonh

Do I have grounds to take this further?

No. You have virtually no chance of success with a complaint.

There is no logic to consider that you would have preferred to have an endowment policy instead of a personal pension.

This is my money at the end of the day

Technically its not. The money is held under a master trust. Also, 25% of it (basic rate at the time) is tax relief.

would personally like to invest this money myself in an asset of my choosing

Choosing where you invest the money is no different in pensions as it is in ISAs or other tax wrappers. The only things you can really do are invest in more unconventional things, like property, as these tend to fail to live up to expectations.