Personal pension - Help required!

parky46

Hi,

My wife bought into a Hill Samuel personal pension plan No. 1 scheme in 1989 through the company she was employed with and contributed until 1999. She left the company in 1999 and payments ceased. We emigrated to New Zealand and have since found some original documents on this pension.

I would be very grateful if someone could answer the following questions as I have no knowledge on these issues;

1. Is it true Abbey Life took over Hill Samuel.
2. Is this pension "dead" if not can I obtain up to date information from Abbey Life.
3. Can the pension be cashed in or the funds tranfered to any other investments.
4. I was informed that compensation maybe due over the sale of this policy - is this true?

Thanking you in advance for any assistance.

EdInvestor

parky46 wrote:

1. Is it true Abbey Life took over Hill Samuel.

Bit puzzling - it's not quite clear if it was taken over by Abbey Life ( parent company Lloyds Bank) or by Abbey National ( new parent company Banco Santander of Spain)

2. Is this pension "dead" if not can I obtain up to date information from Abbey Life.

Certainly not. Write to the last address yoiu have and ask for an updated transfer value, maturity projections and details of where the money is invested.

3. Can the pension be cashed in or the funds tranfered to any other investments.

It can't be cashed in, though if your wife is over 50 she could take benefits from the pension which would enable her to receive 25% of the fund in tax free cash.The remainder could be left invested until she needed ir, or she could draw an income from it now.This would involve moving the money to another company (a routine matter). After 2010 you have to be at least 55 to do this.

4. I was informed that compensation maybe due over the sale of this policy - is this true?

Did your wife receive any advice on investing in this pension? If she didn't there is no-one to get compensation from.

parky46

Thank you very much for the advice, its much appreciated.

EdInvestor wrote:

Bit puzzling - it's not quite clear if it was taken over by Abbey Life ( parent company Lloyds Bank) or by Abbey National ( new parent company Banco Santander of Spain)



Certainly not. Write to the last address yoiu have and ask for an updated transfer value, maturity projections and details of where the money is invested.



It can't be cashed in, though if your wife is over 50 she could take benefits from the pension which would enable her to receive 25% of the fund in tax free cash.The remainder could be left invested until she needed ir, or she could draw an income from it now.This would involve moving the money to another company (a routine matter). After 2010 you have to be at least 55 to do this.



Did your wife receive any advice on investing in this pension? If she didn't there is no-one to get compensation from.