Civil service vs private pension

pedritothegreat

I transferred my Civil Service pension to a private one in 1990, I was convinced by an adviser that I would get more in retirement if I did this and now I don't think I do; I have tried to claim miss-sold but it was rejected, I still feel that it was an unfair judgement by the ombudsman so, would I get more than I do now from a CS pension after 15 1/2 years service, my annuity gives me 215 pounds per month fixed?
I have asked the MyCSP but they say they cannot give advice.

dunstonh

With the benefit of hindsight, we know that most defined benefit transfers were not the right thing to do. Its around 9 out of 10 being best left where they are. However, if the information supplied was compliant and risk warning present and the decision to transfer made on a sound basis but the risk did not pay off then that would not result in a successful complaint.

It doesnt matter which option would have given you the most. You cant pick one and then complain that it ended up worse if the information, warnings etc were suitable and compliant at the time. If there were faults then that is a different matter but the fact the FOS have rejected the complaint and in an area they usually uphold, then it would indicate that there were no faults. You are timebarred from court and the FOS ruled against you. So, you are out of options. However, what is is that you felt is unfair?

pedritothegreat

Thank you for your thoughts, I had asked TPAS for their opinion at the time and they thought I had cause for complaint (a friend was the adviser who convinced me), but the swiftness of reply from the ombudsman and the curt reply from the insurer made me think that the ombudsman was biased, my complaint was based on the fact that I was never asked what or where to place the funds over the period of investment and 100,000 was the sum suggested but less than half was realized and to back this up, why would I have moved the money for less than the CSPS would have paid me. Obviously there comes a time when I must accept "whats done is done", perhaps this is the time!

hyubh

pedritothegreat wrote: »

why would I have moved the money for less than the CSPS would have paid me

Is your question one of fairness or of what you can expect to successfully claim for, given the rules as they stand? If the former, the corresponding argument is that those who decided *not* to transfer should rightfully be at an advantage to those who decided to take the risk and (it so happened) lost out.

dunstonh

but the swiftness of reply from the ombudsman and the curt reply from the insurer made me think that the ombudsman was biased

If there is any bias then it is slightly towards the consumer. During normal times, the FOS is pretty quick at responding.

my complaint was based on the fact that I was never asked what or where to place the funds over the period of investment

That isnt your job if it was an IFA. Tied agents would put it in your court though.

100,000 was the sum suggested but less than half was realized and to back this up, why would I have moved the money for less than the CSPS would have paid me.

No-one can answer that as we dont know your mindset. However, the fact is you did. So, you must have had a reason. I saw a section 32 buy out bond the other day which had the original documentation and the growth rates for the previous 10 years had all exceeded the target rate. That is why people often did it.