Mis sold pension.

stripey

dunstonh wrote: »

The pensions mis-selling period was from 1988 to 1993. All pensions sold in that period were meant to have been reviewed. This meant you were issued with a questionnaire and asked questions about eligibility and your reasons for not being in the scheme. Depending on how you answered those questions, the review would look at whether you were mis-sold or not.

Like most things, many consumers didnt respond and it took well into the late 90s for the stragglers to be chased and completed.

The most common outcome on a mis-sold pension was for the pension company to effectively void the personal pension and buy you back into the occupational scheme as if you had never left. This would increase your years.

So, how many years do you have in the NHS pension?



You were not daft. Even the Govt was encouraging it back then. It seen to be the right thing to do.

I have 15 years in the NHS pension.

stripey

Ok I have contacted the Pensions Advisory Service and the Financial Services Compensation Scheme to see if they can help me.

It appears that Interlife should have contacted me in 1994 but I received no communication but in all fairness I have moved house in the meantime.

Thanks.

dunstonh

You should contact them now and start the process.

stripey

Thanks - I will be contacting Interlife - if I can find them.
Thanks.

stripey

Hello,

I have now found the company that holds my private pension and have had a response from them regarding my complaint of having been mis-sold a pension. They have a pension policy of mine that has a value of £10,500 but they are saying that I have missed the deadline for complaining about mis-sold pensions by some years.

What I am wondering is can I transfer these funds into my NHS pension scheme?

Stripey.

SnowMan

stripey wrote: »

Hello,

I have now found the company that holds my private pension and have had a response from them regarding my complaint of having been mis-sold a pension. They have a pension policy of mine that has a value of £10,500 but they are saying that I have missed the deadline for complaining about mis-sold pensions by some years.

What I am wondering is can I transfer these funds into my NHS pension scheme?

Stripey.

Their reply seems to be based on the assumption you received the letter asking for a review of your pension and ignored it. There were deadlines that applied in that case.

The issue here is that you did not receive the letter asking you whether you wanted your pension reviewed and so you weren't able to make the decision to reply to it or ignore it. And it is only now that you realsie you have been mis-sold the original pension.

Now it is hard to say definitively whose fault that was. I guess they can argue that you should have told them of your change of address. But with something this important you could argue that they should have made an effort to trace your correct address.

I don't know how strong a case you have to argue about the complaint being time-barred but don't take it lying down. Put in a complaint that you didn't receive a letter asking for a review and then take it to the Financial Ombudsman.

Nothing ventured nothing gained and there is a lot of money at stake here I suspect.

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stripey

Thanks snowman,

They have sent me copies of the letters that they sent me in 1998. I had moved house 5 years previously so i did not receive the letters.

I have spoken to the FOS and they are sending me a complaint form but i do feel things look bleak for me!

Perhaps they could have contacted my employer for my current address? I don't know it all seems such a mess.

They have sent me policy statements but to be honest i don't understand the wording of them so perhaps i need an IFA to explain and advise me on my next steps.

Thanks.