Mis sold AVC's

atush

Such rhetoric really isn't necessary.

apparently it is. The information has been explained repeatedly but no understanding has been applied. Which could be reasonably expected.

hyubh

atush wrote: »

apparently it is

It isn't, especially given I'm still pretty sure many responses (including your own) were assuming an LGPS 2008/9-style scenario for the reason I gave (i.e., when the topic of taking an AVC as cash arises on this board, the context is usually the LGPS).

atush

Taking an AVC as cash I always assujed was only possible with LGPS int he past (IF the avc was the same or les than 25% of the total fund).

I never have seen those in the past here or elsewhere who thought they could have 25 % of their main pension PLUS 25 -100% of the AVC toal as tax free cash.

I honestly dont think it was ever expressed as a possibility. But you may have a reference.

Even if you do I feel that it is well known for laymen you don't get more than a 25% tax free lump sum. Ever - even in the case of triviality or stranded pots.

I feel the expectation of more is unfounded. And all reasonable explanations have fallen on deaf ears.

dunstonh

Wotsisname2 wrote: »

Apologies for the delay in replying but I have been abroad for a few weeks.




Thank you for this, although my question was a rhetorical one. It also appears to me that your view is through the ‘rose tinted glasses’ of a Financial Adviser and not from the viewpoint of a victim of overzealous commission paid salespersons.

I suggest you learn a little more about the subject then as you are letting bias cloud your judgement.

Wotsisname2

UPDATE

The Pension Ombudsman has carried out an initial review of my complaint and has recommended that the case go forward for investigation.

My papers are now waiting to be passed to an Investigator for further action, they are very busy so this may take some time, I will keep you updated.

taktikback

So everyone with an AVC will be able to raid their main scheme for an additional 25% tax free when this test case is resolved...can't wait...

I guess there is no substitute for playing dumb...

PensionTech

I expect that the Ombudsman has said that the case falls within their remit and they have not been able to negotiate a settlement so it's going through to investigation. Even if the claim is clearly ridiculous, it gets investigated first before the Ombudsman decides whether or not to go through to determination.

Wotsisname2

PensionTech wrote: »

I expect that the Ombudsman has said that the case falls within their remit and they have not been able to negotiate a settlement so it's going through to investigation.

No, the Ombudsman did not say that.

What he has said is “I have carried out a review of your papers and, based on the information available, it is my view that the matter can be investigated.

dunstonh

What he has said is “I have carried out a review of your papers and, based on the information available, it is my view that the matter can be investigated.

i.e. they have checked to see if it is within their remit or one that should go to the FOS.