Is there a 6 month limit to getting the Financial Ombudsman involved?

dunstonh

I'm not convinced by that. If the OP is still within six month's of the firm's "final response", then I'd suggest it's far better for him to approach FOS now than to hope he doesn't get timebarred if he goes to FOS later.

I certainly wouldnt wait and hope the FOS interpret it that way. I just suspect that the firm would have a hard job persuading the FOS that their first response was final when they still go on to discuss it.

buel

Thanks for the advice.
The email to notify the FOS of my/my friend's intention to ask them to intervene has been sent. I will follow this up with the filled in Word document that they provide later this week.

So how common are these 'agreements' between companies and pension providers? And is it odd why, in the meeting between my friend's employers and the employees who were complaining about missing/late contributions, the employer apologised, said they aim to do better and made no mention of such an agreement?

dunstonh

So how common are these 'agreements' between companies and pension providers? And is it odd why, in the meeting between my friend's employers and the employees who were complaining about missing/late contributions, the employer apologised, said they aim to do better and made no mention of such an agreement?

I am not at all active in the group pension market. Although I come across group schemes all the time. I have never heard of pre-funding to that extent before. If you had asked me if it existed, I would have guessed it didnt (other than the usual pre-funding of covering the period of the payment being made and the funds clearing and settlement). Normally, when a case is pre-funded and the payment fails, the provider will clawback.

Even if they do pre-fund to a much longer period, sooner or later they are going to have to claw back if you look at it logically.

buel

Thank you for that.
I see what you mean but what if the company were to fold and SW could not claim their money back? Either SW would lose the money or i would.

Also, in the annual statement he received late last year, there were three missing months worth of contributions?

dunstonh

I see what you mean but what if the company were to fold and SW could not claim their money back? Either SW would lose the money or i would.

And my money would be on you you losing it.

Also, in the annual statement he received late last year, there were three missing months worth of contributions?

Which wouldnt be the case if SW were funding it.

So, I remain sceptical.

buel

Thanks for all this.

Please may i ask, do you mean scepitical about SW actually buying the units before my friend's employer pays for them (with, partly, my friend's money)?

dunstonh

Please may i ask, do you mean scepitical about SW actually buying the units before my friend's employer pays for them (with, partly, my friend's money)?

Yes. It would be an arrangement I have not seen before and the fact that there are missing months would suggest that has not been happening.

buel

Thank you, Dunstonh, for your informative replies, i do appreciate them.

I won't deliberately drag this thread on but there are a few questions i would love to ask, if that's ok.

Mainly, am i being naive here or is it really hard to believe that SW would basically lie to me/my friend (im writing the letters for him) regarding this? Would they really do this? (I find it incredulous.)

Just to recap:
SW sent an annual statement showing three months contributions missing but when questioned on why they hadn't reported my employer for said late/missing contributions they claimed that there was an 'agreement' between SW and my employer where they purchased the units regardless of whether my employer made the contributions on time or not. Then, in another letter, they admitted that they had wrote to my employer and their financial advisor to warn them about said late contributions.

Their latest letter tells my friend to disregard all previous information and to accept the basic printout that they enclosed showing that every payment received from my employer was on time (even though i have several letters/statements from them confirming that certain contributions were over 3 months late, plus on three seperate telephone conversations with SW customer services, they confirmed that many contributions were late/missing.)

dunstonh

Mainly, am i being naive here or is it really hard to believe that SW would basically lie to me/my friend (im writing the letters for him) regarding this? Would they really do this? (I find it incredulous.)

They wouldnt lie. Either they are telling the truth or the person doesnt understand it and is getting mixed up.

SW sent an annual statement showing three months contributions missing but when questioned on why they hadn't reported my employer for said late/missing contributions they claimed that there was an 'agreement' between SW and my employer where they purchased the units regardless of whether my employer made the contributions on time or not. Then, in another letter, they admitted that they had wrote to my employer and their financial advisor to warn them about said late contributions.

That contradicts itself though. If SW funded it then there would not be missing payments on the statement.

buel

That's my point.
When i have asked for an up to date annual statement (and i was very clear, precise and polite when i asked) SW just gave me the same line about the 'agreement', then admitted that they had contacted my employer and it's Financial adviser and did not acknowledge the request of the up to date annual statement.....twice.

What do you think the reason for this is please?

And if my friend really is 'down' by a few contributions/payments, who is to blame/who will be punished?