Pension Mis-Selling

jvinnell

I took out a pension with Lloyds bank in 1995 and told the Lloyds adviser that I wanted it to pay me the equivalent of £18000 pa salary at that time when I retired at an age of 60. I was given a montly amount to pay and 3 possible interest rate scenarios and told that the worst case would still make the 18k

It is now clear that if I do not increase the montly payments the pension will not make the 18k equivalent. Do I have any case for being mis-Sold the pension by Lloyds?

Thanks John

bigfreddiel

not a chance - the three scenarios are exactly that - just scenarios and not guarantees

secondly you took advice, again no guaramtee so when things change the new advice is usually pay more - and look for the small print that says your investments can go down as well as up

cheers

fj

dunstonh

It is now clear that if I do not increase the montly payments the pension will not make the 18k equivalent.

It is normal to have to increase your contributions. If you dont, inflation will erode it over time. Ideally, you should increase annually. How often have you increased since you started?

Do I have any case for being mis-Sold the pension by Lloyds?

none whatsover. Lloyds are not responsible for inflation, investment returns or your future planning. They are transactional.

You set a target figure and keep it under review. You increase it to take into account investment returns, income and inflation. If you sit back and do nothing for nearly 20 years then that is a choice you make.

Daniel_Elkington

Well, you could try complaining, you might get something - they are bank after all. I have very low expectations of success here.

But realistically, as Dunstonh said, if you didn't pay them to service your financial needs and didn't service them yourself it is really only your fault. If you buy something and don't look after it, don't expect it to work.