HBOS pension wind-up help!

lawrie28

Oh, but be aware that cos the financial markets are taking a dive, the value you receive is likely to be less than the amount in the letter.

lawrie28

2sides2everystory wrote: »

I mean that the "full value of your fund" will almost certainly have been a moving feast.

Do you know what it was (as a "transfer value") at various points whilst you were employed by HBOS, what it was when you left, and how it has performed or varied since?

Do you know how the "full value" sum you are being offered was calculated as part of the wind up?

I am no expert, but I have worked in the industry and know from experience what a bunch of crooks runs most of it and is usually behind these pension wind ups.

I have defied my ex employers and cautioned them that they unilaterally change my pension arrangements at their peril. It is quite amazing how they then have to exercise their minds when target fundholders like me do not automatically sign on any dotted lines after they simply wave a bit of our own cash under our noses.

On the other hand, you might wish to sign and not concern yourself with getting to the bottom of what they are doing - that doesn't mean you'd be wrong, just that you'd decided it was right for you. You have the benefit of the words in the letter and the detail of exactly what arrangement you thought you were part of whilst employed with this particular employer. I don't so I could be barking up a wrong tree.

My comments stand however. It may be easier said than done but do keep your eye on the ball - afterall, it is your ball.

You have 3 choices with this deal

1/ you take the money.
2/ you transfer the fund to another pension.
3/ you do nothing and they take the fund and start a new pension fund on the new scheme.

So kind of limited with choice as what to do and as what the influence on the people running the pension can offer, but appreciate that on smaller schemes more of an unfluence can be put on those in charge.