Missold Pension?

kevinbee

Can anyone offer some advice please...

In 1990 after 15 years service with a well known motor car manufacturer i took redundancy; at that time there were a number of companies that expressed an interest in the company pension that i had...it was in a final salary scheme.

It was possible to freeze and leave my pension in the company scheme, however, i was persuaded that i should move my pension to what was then Allied Dunbar, i can't remember exactly what they said that made me do it? But, i moved the lump sum and it was then frozen in Allied Dunbar as i didn't make any further contributions to it...it has stayed there ever since.

In 1999 i returned to the same motor manufacturer and had to start another final salary pension scheme, but i wasn't allowed to transfer the Allied Dunbar pension back into the company scheme...

I told someone about this recently and they told me that it was really bad advice i had been given with regards taking the money out of the company scheme in favour of putting it in to an Allied Dunbar one...

Cutting to the chase - was i missold the pension by Allied Dunbar and is there anything i can do to recover any of the monies i will have lost by following their advice?

dunstonh

I told someone about this recently and they told me that it was really bad advice

It possibly was. it possibly wasnt. Statistically the odds are that it was not the best advice.

Cutting to the chase - was i missold the pension by Allied Dunbar and is there anything i can do to recover any of the monies i will have lost by following their advice?

All pensions between 1988 and 1993 had to be reviewed in the 90s. The pension review was completed a long time ago. How did you respond to the pension review?

Loughton_Monkey

I think - to coin a phrase - you 'missed the bus'.

Forgive me, but this Sinclair ZX computer seems to be overheating. I need to write and see if I can get my money back......

kevinbee

Thanks for taking the time to reply... i realise my original post was a little vague... i can't remember anyone ever reviewing this pension with me in the 90's or at any other time than when i started it.

kevinbee

Thanks for the sarcasm, your wit is probably worth a lot more than i have lost pensions wise... well worth visiting the site much appreciated

dunstonh

it is possible that some people where missed. If you moved address, didnt tell them and they couldnt locate you. It is possible that you got the questionnaire, answered the questions and they found no wrong doing and that was the end of it (no-one had to call. They just had to ask questions to fill gaps on information and then decide from there what to do).

You can ask them if your pension was subject to pension review and if so, what the out come was.

kevinbee

Thankyou for your help Dunston, I'll get in touch with them and ask the question. Your help is much appreciated.