Mis selling of pension

looksliketrouble

I currently pay 11% of my wage into my pension scheme and this is due to rise to 13%. I have also been told that I now have to work longer before I can retire (though no one knows when this might actually be)

I now no longer know:

a) When I can retire
b) What the final lump sum of my pension will be
c) what the yearly pension will be.

is this a form of mis selling? I'm not good with all the pension stuff but clearly I did not join knowing these changes would arrive and now I'm being asked to pay for something of which I have no idea what the outcome will be or what i'm getting for my money

Any help would be gratefully recieved

new_owner

How is this miss-selling?

What paper work did you sign before joining the work scheme? Have you read the documents?

jem16

looksliketrouble wrote: »

I currently pay 11% of my wage into my pension scheme and this is due to rise to 13%. I have also been told that I now have to work longer before I can retire (though no one knows when this might actually be)

Presumably one of the public sector pensions?

is this a form of mis selling?

Who sold it to you?

looksliketrouble

feesarefare wrote: »

Nope. This should be the end of this thread

Thanks for your sound financial advice, sorry I disturbed you

In reply to other posters, I don't have the paperwork so can't give exact wording but my query was:

How can a product be changed mid term with drastic alterations, which will have massive implications on all the financial planning I have already done without consultation with me.
The new product is being switched and I have not been given projections for the new product, I have absolutely no idea what shortfalls this will cause me, and neither does anyone else. I cannot plan as i now do not know when I am able to retire, or any of the figures for retirement sums. Again, no one can tell me that either. However, I am still having to pay for this product, and cannot yet make an informed decision. Surely the new product should have been firmly put together, new projections and terms offered to existing customers of the old product, and only then, the existing customers asked to make a decision, when they are in possession of the full facts. It just seems very wrong and back to front.

jem16

looksliketrouble wrote: »

In reply to other posters, I don't have the paperwork

Perhaps you can at least answer the question of whether or not it is a public sector final salary pension?

withabix

How about asking your pension provider?

looksliketrouble

jem16 wrote: »

Perhaps you can at least answer the question of whether or not it is a public sector final salary pension?

It started off as one but as far as I'm aware it will be changing to a career average but again no one seems to know

looksliketrouble

We've been told by our employment reps not to bother asking at the moment as they cannot give us an answer as they do not know what the outcome is as of yet.
We have just had a pension statement from our providers but it is based on the old system so therefore means nothing

hcb42

we are all living longer.

Final salary/ave salary pension schemes (old style) - there will simply not be enough money in the pot.

Group personal pension schemes - well it is down to you what you put in, will just dictate what kind of pension pot you will have.

sounds like you have a decent pension scheme from your employer, so if I were you I would be grateful I had that option!

And no it is not a mis sell, definitely not for a company scheme, and not even for a private one.

withabix

Who do you work for?

looksliketrouble

withabix wrote: »

Who do you work for?

The police