Miss sold pension

Tinkerbell031

Hi does anyone have any advice on pensions? 23 years ago my husband was in his work pension which was a final salary contribution. ( he is still at this company)
He wanted. 4k loan from Lloyds at the time who advised him that a condition of his loan approval he should opt out of his work pension and take there's with Scottish widow. He was19 at the time and did so, his sw pension is worth nothing and were now looking at other options for saving on retirement we have just put in a complaint directly with them, just wondered if anyone had advice/ opinion?


Many thanks!

magpiecottage

if it was 23 years ago, he should have been offered the opportunity to have his pension reviewed in 1999. Why didn't he take that offer up?

dunstonh

He wanted. 4k loan from Lloyds at the time who advised him that a condition of his loan approval he should opt out of his work pension and take there's with Scottish widow.

What documentary evidence exists to support that allegation? I very much doubt there is any and it is not something you would find many willing to believe likely (even if it is true and not poor recollection). Anyone can say anything. However, 23 years after the event requires evidence.

his sw pension is worth nothing and were now looking at other options for saving on retirement we have just put in a complaint directly with them, just wondered if anyone had advice/ opinion?

Opting out was 99% likely to be the wrong option. However, pensions sold in that era had a pro-active pension review take place where your husband would have been asked to fill in a questionnaire about the sale and why he bought the pension and what works pension there was. Non-responders were chased up. So, what did your husband say in respect of this back then and what was the outcome?

roonaldo

absolute nonsense