Pension losses in five and six figures

evanowen

People have been surprised to see compensation for loss of future benefits relating to guaranteed annuity rates hitting £50,000, £75,000 and even £100,000 plus.

If you have been advised to move your Retirement Annuity Contract , S226 or Personal Pension Plan pension pot to another pension, for example a Self Invested Personal Pension or SIPP for short, you should check with the company you took a pension out with in the 80's and 90's, the annuity rates on some policies was in excess of 10% which is more than twice what you can get today.

If you had a policy with Prudential, Scottish Widows, Norwich Union, Equitable, Scottish Amicable, Standard Life, Commercial Union or any life office you should ask them if the plan you were switched or churned out of had any guarantees of basic annuity, annual bonus and/or terminal bonus you may have lost out on a pension for life which would have been at least double what you can get with what is left in the plan you hold today.

Alternatively you can ask for your file to be reviewed by your adviser or you can instruct a lawyer or a claims management company that understands these things.

hugheskevi

Alternatively you can ask for your file to be reviewed by your adviser or you can instruct a lawyer or a claims management company that understands these things.

Would you happen to have one in mind?

evanowen

Advertising isn't allowed although many regulars tell the world what they do for a living.

jem16

evanowen wrote: »

Advertising isn't allowed although many regulars tell the world what they do for a living.

Many regulars, as in IFAs (which is where I assume you're heading), have their profession in their signature to avoid accusations of having a vested interest without disclosing it.

Whilst not specifically in the rules for IFAs to have this signature unlike the Mortgage Brokers, it seems sensible for them to do so. I have seen absolutely no form of advertising by the regular IFAs on this board. Only one non-regular IFA posts on this board under his real name, which IMO is a form of advertising.

Damned if they do, damned if they don't.

dunstonh

Alternatively you can ask for your file to be reviewed by your adviser or you can instruct a lawyer or a claims management company that understands these things.

It would be daft to employ a lawyer as that incurs costs and most claims companies are opportunistic chancers who dont know the different between a pension and a lawnmower.

If you had a policy with Prudential, Scottish Widows, Norwich Union, Equitable, Scottish Amicable, Standard Life, Commercial Union or any life office you should ask them if the plan you were switched or churned out of had any guarantees of basic annuity, annual bonus and/or terminal bonus you may have lost out on a pension for life which would have been at least double what you can get with what is left in the plan you hold today.

Or your can just read the report that was issued. GARs are something that would be expected to appear on the report covering the switch. This is whether they did have them or not. If nothing appears on there then ask the advising firm.

Many regulars, as in IFAs (which is where I assume you're heading), have their profession in their signature to avoid accusations of having a vested interest without disclosing it.

It used to be a board requirement that people discussing areas where they had a commercial interest should declare that interest. It still is for mortgage advisers although no longer for IFAs. My signature is in there at the request of compliance.

ffacoffipawb

dunstonh wrote: »

... most claims companies are opportunistic chancers who dont know the different between a pension and a lawnmower.

I would thank this post several times if it were possible!

evanowen

Most IFAs don't know the difference between a decent pension policy and a SIPP.

An IFA who does know sent me two of his clients who had both transferred an old pension policy into a SIPP (yes that new fad). One received redress of £35,000 and the other was stunned to be awarded £78,000.

And this IFA is RDR ready!!

dunstonh

Look at the compensation chaser trying to promote himself. However, it is a shame the IFA that referred them to you didnt have the knowledge to do it himself.

evanowen

What are you doing on here Dunston?

The IFA isn't authorised to handle complaints.

dunstonh

The IFA isn't authorised to handle complaints.

Yes they are. Just not commercially.

atush

Evan, give it up and go away.

We ALWAYS advise here not to transfer any pension with a GAR. Than includes IFAs and non ifas.