Pearl section 32 policy quote - how do I check it?

jewellery10

My husband died in October 2009 (aged 53) as a result of a RTA. I have been attempting to sort out my late husband's pension arrangements since that date.
There are a number of issues, but I will post them separately to avoid confusion.
My husband was employed by Group 4 Total Security Ltd from Feb 1978 until Dec 1987. He was a member of their Final Salary scheme from Mar 1981 until Dec 1987 when he left the company. I also know that he made additional voluntary contributions.
I have a copy of the main GRP4 pension scheme booklet for the period, but no documents regarding the AVC arrangements. The scheme was a Final Salary
1/60th * Final Pensionable Earnings * Pensionable Service.
"Deferred Pension rules = the GMP (guaranteed minimum pension) portion will increase by 71/2% compound for the remainder until reaching State Pension Age.
Remaining portion of deferred pension will increase by 5% p.a. (or rise in RPI if lower) for each complete year between leaving the scheme and Normal Retirement Date (NRD).
However, if you die before NRD any of your contributions remaining in the scheme will be refunded, and your widow will receive a pension equal to the Widow's Guaranteed Minimum Pension, but this pension will not increase once it has been started to be paid".
In 1988 he was sold a Pearl "Freedom Bond" policy known as a section 32, and his
Group 4 pension funds were transferred.
The primary data that I can glean from the documentation that I have are
1.His Final Salary on leaving GRP4 was £11.33k
2.The initial Transfer value stated was £5229.66 (including AVC TV of £1136.66)
3.The initial Nominal Capital Sum was £21,879.00
4.Annuitant's own contributions of £3300.25 (including AVC of £702.00)
5.The Pearl policy schedule states against the section "Benefit on Death of the Annuitant before the Pension date" - annuity payable to the spouse of the nnuitant of £191.10 per annum increased by 8.5 % p.a. for each complete tax yearafter 18/12/1987 and before the death of the annuitant together with a return of the premium paid of £5229.66 with compound interest of 6% pa reduced by the cost of providing the annuity, such cost to be calculated at the rate of the premium charged by the company at the time the annuity.
In June 1999 Pearl were ordered by the then regulator (Personal Investment
Authority) to review the policy in light of pension mis-selling.
At this point Pearl made the following changes to the policy (with my late husband's permission)
Increased the Transfer Value to £7613.86
Increased the Nominal Capital Sum to £31,853.64
The Pearl have provided the following annuity quote against the policy
Total available funds: £25,023
Lump sum payment: £2,143
Initial amount of annuity: £1034,04 p.a. (Widow's GMP of £1034.04 included in this amount)
Annual increase: None
The policy was not changed to increase the £191.10 value stated in point 5 above.
How do I go about checking what the Pearl is offering me is correct?
How do I go about checking if the Widow's GMP value in the annuity quote is correct?
How do I check if the quote takes into account the AVCs that my late husband paid?
Are there any implications regarding any rules/regulations that are applied retrospectively in light of the pension mis-selling arrangements? i.e. were further enhancements ordered by the Financial regulator?
Are there any consequences applied to the compensation offer made by the Pearl if the Grp4 pension scheme rules had improved between the start date of the deferred pension and my late husband's death? e.g. I would receive a 50% spouse pension?
If I require further financial advice, how do I find the person with the relevant expertise? I have tried local registered financial advisors but their knowledge/experience is non-existent.
Is there anything else I need to consider?
Any information gratefully received.

dunstonh

If I require further financial advice, how do I find the person with the relevant expertise? I have tried local registered financial advisors but their knowledge/experience is non-existent.

An FA isn't much use to you. You need an IFA. An FA is only authorised to discuss the products and services they offer. Not those of other providers. An IFAs can cover whole of market.

How do I go about checking what the Pearl is offering me is correct?

Examining the paperwork (this would include the mis-sale outcome)

Are there any consequences applied to the compensation offer made by the Pearl if the Grp4 pension scheme rules had improved between the start date of the deferred pension and my late husband's death? e.g. I would receive a 50% spouse pension?

Depends on the settlement Pearl offered under the pension review. Some made a once only offer at that point with no further redress payable. Others would do a further review come commencement to see what the loss was.