1980's Mis-sold Opt out of Serps

dunstonh

So far i have tried to put what ever the transfer value is into my company pension, they will not touch it, tried to put into my wifes stakeholder pension no go there ethier

Most occupational pensions will not take protected rights. You cannot transfer your pension to another person.

I was going to start a stake holder pension and put in to mine but they say they cannot do it or offer me a stake holder pension.

Who is they? They are wrong. You can transfer it. Whether it is right or wrong to though will depend on your policy.

Lorian

My account with the SERPS funds seems to be described as a Section 32A account. I believe I am therefore looking for somewhere that will invest this section 32A money in a more aggresive manner than the interest bearing account it is currently in.

Reading on the net seems to imply a section 32A is an insurance policy? There is a mention of life cover, but I have very little in the way of detail.

EdInvestor

A Section 32 pension contains a valuable Guaranteed Minimum Pension which the insurance company must pay you regardless of how much the fund is worth or what annuity rates are at the time.

Do you know how much this GMP pension is?
Is it index linked?Is there a spouse pension attached?

Tell us this info and we can check.

Very probably you will be the winner here and the insurance company the loser and you should leave the pension strictly alone.

The_Economist

dunstonh wrote: »

Most occupational pensions will not take protected rights. You cannot transfer your pension to another person
Who is they? They are wrong. You can transfer it. Whether it is right or wrong to though will depend on your policy.

It was the Halifax. So should i be able to start and transfer my protected rights policy to a stake holder pension.

EdInvestor

It was the Halifax. So should i be able to start and transfer my protected rights policy to a stake holder pension.

As mentioned earlier, check on the3 guarantees.It may be much better to leave it alone.

dunstonh

Halifax operate tied advisers who are only authorised to discuss their own product range and their product range doesnt allow transfers. So, what they should have said is that they cant do it. Not it cant be done.

Never get financial advice from tied agents. Its not real advice.

Lorian

EdInvestor wrote: »

A Section 32 pension contains a valuable Guaranteed Minimum Pension which the insurance company must pay you regardless of how much the fund is worth or what annuity rates are at the time.
Do you know how much this GMP pension is?
Is it index linked?Is there a spouse pension attached?

Tell us this info and we can check.

Very probably you will be the winner here and the insurance company the loser and you should leave the pension strictly alone.

Sorry to dig up a year old thread. This year's statement has just reminded me I still haven't done anything with this. The account is a "Section 32A Individual policy". It is currently paying 5% interest, and as far as I can see from the statement there is no mention of a GMP. To all intents it just looks like an interest bearing account.

I also says "Protect rights contributions - The money paid into your pension fund by both yourself and your employer which would have been paid into the additional state pension had you not been contracted out"

So what is my choices of funds to transfer this too? It's not a lot of money, but I'd like a little more risk/higher chance of return. I'm not looking for specific financial advice, I just need to understand if I actually do have a choice with this money.

raven335

Hi don't know if any can help new to all this . here goes my boyfriend was contacted around the 1st - 2nd week of Feb 11 by a company called Finex Claims regarding his Pension asking if he had contracted out of SERPS and did he know he could claim a possible £11000 back and be paid this in a lump sum cash this sounded good to my other half and gave the nice lady his debit card details she informed my other half they would send him some paper work out and to please sign it and send it back and this would cost an up front fee of £495. My other half told me about this a few nights later and i immedietly said no to it i came on to Martin Lewis forum and read some of the posts and said don't go near it at all we called the bank cancelled his debit card, paper work came still sat in kitchen never filled any of it in or returned it and now have just got bank statement and low and behold £495 has gone out of my boyfriends account. i have looked at T&C and it say's payment will be taken on reciept of signed agreement nothing has been signed . any help with what i do now is this not illegal

dunstonh

. here goes my boyfriend was contacted around the 1st - 2nd week of Feb 11 by a company called Finex Claims regarding his Pension asking if he had contracted out of SERPS and did he know he could claim a possible £11000 back and be paid this in a lump sum cash

Thank you for letting us know that another scam claims company is cold calling people making false claims.

i have looked at T&C and it say's payment will be taken on reciept of signed agreement nothing has been signed . any help with what i do now is this not illegal

You make a formal complaint to them and also report them to the ministry of justice. They have lied on the phone call (earlier posts cover off bits on contracting out in that if you are under age 43 at the time of contracting out then you were not mis-sold) and they have taken money without permission. You have a right to cancel and demand a refund.

The MoJ close companies down for this sort of thing but rely on volume of complaints to them to take action. So, please complain to both the company and the MoJ to make sure this scam is stopped as soon as possible.

regentone

raven335 wrote: »

Hi don't know if any can help new to all this . here goes my boyfriend was contacted around the 1st - 2nd week of Feb 11 by a company called Finex Claims regarding his Pension asking if he had contracted out of SERPS and did he know he could claim a possible £11000 back and be paid this in a lump sum cash this sounded good to my other half and gave the nice lady his debit card details she informed my other half they would send him some paper work out and to please sign it and send it back and this would cost an up front fee of £495. My other half told me about this a few nights later and i immedietly said no to it i came on to Martin Lewis forum and read some of the posts and said don't go near it at all we called the bank cancelled his debit card, paper work came still sat in kitchen never filled any of it in or returned it and now have just got bank statement and low and behold £495 has gone out of my boyfriends account. i have looked at T&C and it say's payment will be taken on reciept of signed agreement nothing has been signed . any help with what i do now is this not illegal

I appear to have been caught out by this company too. I started a pension claim with them in Dec last year. I received the paperwork and sent it back but as of yet have heard nothing. I tried to ring ther number supplied but its not recognised. What do i do now?