Too late to help my dad? (pension misselling)

silverfoxuk

I was having a chat with my dad last night, he's 63 years old and in 1991 he lad just left a job in local government where he'd buit up 8 years service in the final salary scheme. His new employer didn't have a pension scheme in place so my dad went to his bank (Clydesdale Bank) to open a pension. However as well as opening a pension for him, the bank advised him to transfer the full cash value of pension built up in local government scheme, into his new private pension, and also opt out of S2P (State Second Pension). Needless to say my dad is looking at his retirement funds today and they are a lot less than he had anticipated for when he is 65 in a couple of years.

I think my dad may have been better off leaving his 8 years final salary service in the local Government scheme which at least might have produced an index linked pension etc. Does anyone know if my dad might have a misselling claim against Clydesdale Bank for presumably advising and arranging for transferring out of local governnment scheme in 1991 (and S2P?). Having looked around on the web it's not 100% clear if he has missed the boat or not for a claim, or indeed in his particular circumstances has a claim for misselling?

Any help/pointers very much appreciated.

p.s. sadly for my dad and the reason we got talking about this is my dads 65th birthday occurs 6 months before the introduction of the universal credit pension, my dad thinks his state pension will be £109 when he is eligible in a couple of years, but if his birthday was 6 months later, he'd be getting nearer £140. A bit unlucky.

dunstonh

Does anyone know if my dad might have a misselling claim against Clydesdale Bank for presumably advising and arranging for transferring out of local governnment scheme in 1991 (and S2P?). Having looked around on the web it's not 100% clear if he has missed the boat or not for a claim, or indeed in his particular circumstances has a claim for misselling?

Your dad would have been contacted between 1993 and 1998 (multiple times if he didnt respond initially) asking him for details to allow them to investigate whether he was mis-sold or not. The firms that sold the pension were required to be pro-active on this and had to contact him. There are some cases today where the pension holder has been difficult to locate where it didnt happen but for most it did. So, you need to ask your dad what the outcome of his pension review was.