halifax pension plan in high risk not cautious

clarkzter

i took out a halifax pension plan approx 10 years ago and i have always adjusted my contributions as the average earning increased, and as halifax advised me to do so. In recent years my pension has performed poor as a result of the economics times-or thats what i thought! I recently recieved a letter saying that they had used my fund at a high risk level not a cautious level as it was intended. Can they just do this with my money?

anyhow to make a mends they are to calculate my pot at the end of march if it would have done better in a cautious medium fund they will give me which ever is greater my current pot or the one they calculate

is this legal-i feel like the bank has done what it likes with money!!

jem16

clarkzter wrote: »

I recently recieved a letter saying that they had used my fund at a high risk level not a cautious level as it was intended. Can they just do this with my money?

They shouldn't have. The fund used should have been what you asked for.

anyhow to make a mends they are to calculate my pot at the end of march if it would have done better in a cautious medium fund they will give me which ever is greater my current pot or the one they calculate

is this legal-i feel like the bank has done what it likes with money!!

What's the problem? The Halifax has identified that there may a problem and are going to fix that problem. You will benefit whichever way it works out.

That saying a bank is about the worst place to hold an investment so once it's sorted out perhaps you should see an IFA.

dunstonh

I recently recieved a letter saying that they had used my fund at a high risk level not a cautious level as it was intended. Can they just do this with my money?

No. That is why you got the letter.

anyhow to make a mends they are to calculate my pot at the end of march if it would have done better in a cautious medium fund they will give me which ever is greater my current pot or the one they calculate

Which is exactly what they should do.

is this legal-i feel like the bank has done what it likes with money!!

What makes you think it would not be legal and therefore something you could call the police on?

Somebody made an error. Somebody identified the error and they are making sure that you are not worse off because of it. If you are, they will pay the difference. If you are not then you get to keep the difference.

Every time you make a mistake, would you want the police called on you?