Mis-sold Pension advise.

heather2107

Hi,
I'm after abit of advise. In 1991 I left the Civil Service after 13 years and did'nt think I'd return. A rep from Prudential told me I should transfer my pension to them as I'd get a better deal. I followed his advise. I returned back to the Civil Service in 2001 and am still there. However my boss tells me I was wrong to have transferred my earlier pension and would have been better off leaving it were it was.
Is there anything I can do, are there any steps I should take to check who is right?
Thanks for your help.

dunstonh

Occupational pension transfers were, with hindsight, wrong in around 4 out of 5 cases. So, there is a strong chance this is the case.

However, back in the early to mid 1990s, all occupational pension transfers were investigated and you would have been given the chance to have your pension transfer looked into. You would also have been sent a questionnaire to complete to help decide whether it was a missale or not.

The main question here is how and why this wasnt picked up back in the 90s. I dont know if pension transfers can be time barred or not as it is unusual to hear of pension mis-selling nowadays.

EdInvestor

You can still claim for misselling of these pensions.Contact the Prudential. You could also try calling these two organisations for some info/advice:

https://www.pensionsadvisoryservice.org.uk
https://www.financial-ombudsman.org.uk

defender_of_the_weak

Any transfer from the PCSPS is going to be flawed and should have been investigated. Depenedent upon your age you would ahve received some form of letter from Prudential advising you of the review option, any recollection of this at all?

heather2107

defender of the weak....

no recollection of any letter. I am 46 now so would have been around 33/24 when I transferred it.

dunstonh

At that age you would have been later in the pension review as they dealt with those closer to retirement first. I dont know if Pru have disbanded their pension review team now but you could contact their customer relations team and tell them what you have told us.

heather2107

Thanks dunstonh, I'll do that.