pension mis-selling?

maneek

I am concerned that my pension has been ''mis-sold''. I am an overseas worker for a railway company. I have been with them nearly four years now. At first I did not really understand what the scheme was and I thought that the scheme was compulsory. I have recently found out it is not but when I was going to withdraw it I was told I will not be able to get a promotion if applying for an internal vacancy. Now I feel I was cheated. I tried to get a refund but I have been more then two years in service so I am not eligible. Also I think I will leave the country and go back to my native country so I am worried that I loose the money I have been paying so far. If I knew at first what the scheme was I would cancel that straight away now I am facing to loose it because of the lack of information when joining my company. Any ideas how to get it back? I would be grateful for any help
Kind regards
Maneek

dunstonh

I am concerned that my pension has been ''mis-sold''.

Unlikely as its an occupational pension scheme with employer contributions. Pretty difficult to mis-sell that. Did you seek financial advice?

At first I did not really understand what the scheme was and I thought that the scheme was compulsory.

No grounds for mis-sale there.

I have recently found out it is not but when I was going to withdraw it I was told I will not be able to get a promotion if applying for an internal vacancy.

I'm not sure what that has to do with the pension though.

Also I think I will leave the country and go back to my native country so I am worried that I loose the money I have been paying so far.

Why would you lose it? The scheme will retain the benefits until you are at retirement age or you can request a transfer if your country has a recognised scheme.

Any ideas how to get it back?

You can't. Its called a pension because that is what its for. However, you ought to read the scheme booklet and understand what you have got. It will also have no impact on career progression with the employer (or within the franchises).

bendix

It's amazing isn't it. If people walk into a store selling TVs and they freely buy a particular model, then get it home and realise they don't know how to install it or turn it on, do they claim it was mis-sold?

No they don't.

So why do people squeal about being mis-sold a pension on the same basis. Not understanding what you are buying is NOT mis-selling. It is YOUR responsibility to understand what you are buying.

God help us - we're a nation of children!

stuartbe31

I have stumbled across this having started looking into a mis-sold pension, or rather if it can be classed as so.

Mine is an occupational pension and started when i was 20 and starting in a new job. (Also a public sector pension). A group of around 120 of us were sat in a room and told all about 60ths and how paying the last few years of it were vital. We weren't told of many different things such as the fact our contributions an be increased at random and there's little we can do about it. The advice we were given was "join the pension. It's brilliant".

My issue is that I am likely to have to start paying more in and getting less at the end. I didn't know ifI needed the product when I started paying into it and I wasn't helped or advised when I did start. Likened to the television, it would be like being told "get this television. It's brilliant" only to get it home and find out it doesn't have sound. It wasn't freely bought but under the guidance of the seller who stands to get money from you. At no point were we advised to think about it made aware that other things were available.

The link I am making is with PPI that can now be re-claimed if you weren't advised of it or didn't need it etc. I think my situation is similar to that but with the pension.

As you can probably guess, I am nowhere near being an expert on pensions and my limited knowledge has only been gained recently after trawling the internet.

I am wondering what mis-selling would be for a pension?

dunstonh

The link I am making is with PPI that can now be re-claimed if you weren't advised of it or didn't need it etc. I think my situation is similar to that but with the pension.

You were not mis-sold the pension. And its nothing like PPI. Not even close.

Did you seek independent financial advice? Not by the sounds of it. So, you were not given any advice. You were given information only.

. I didn't know ifI needed the product when I started paying into it

You didnt know if you needed one of the best pensions you can get to provide you an income in retirement? I can guess what bendix would say to that.

ikened to the television, it would be like being told "get this television. It's brilliant" only to get it home and find out it doesn't have sound.

public sector pensions do exactly what they are meant to do.

It wasn't freely bought but under the guidance of the seller who stands to get money from you.

No-one makes money from you joining a public sector pension other than you. As a taxpayer I would be very happy for you to opt out and lose the benefits that are valuable to you but a cost to the taxpayer.

At no point were we advised to think about it made aware that other things were available.

Thats because you didnt seek advice. However, the advice would have been simple. Join the scheme as no alternative will come close to matching the benefits.

I am wondering what mis-selling would be for a pension?

Basically, when you seek advice for a pension from a financial adviser and the advice is not correct.

bendix

dunstonh wrote: »

I can guess what bendix would say to that.

.

You can guess, but you'd come nowhere close. It's best i don't reply to this thread - I would certainly be banned.

It beggars belief, though. It truly beggars belief.

dunstonh

You can guess, but you'd come nowhere close. It's best i don't reply to this thread - I would certainly be banned.

good idea. I ended up deleting a few lines on my response before pressing submit.

It beggars belief, though. It truly beggars belief.

I know. I feel the same way and I am sure most decent people here do as well. Is it stupidity or greed or just lack of class?

bendix

dunstonh wrote: »

Is it stupidity or greed or just lack of class?

A compensation culture (to which MSE's various nonsense compensation campaigns contribute).

A prevailing sense of 'entitlement' without any corresponding sense of responsibility.

A lack of interest - someone else will do the thinking for me and i can just opt out and cry foul play later.

Laziness - encouraged and nurtured by a failing education system more focused on dumbing down than fostering excellence, because everybody has to be rewarded, don't they?

Inability to concentrate for more than five seconds at a time, encouraged by sound-bitism.

Take your pick.