compensation for the miss-selling of a pension and tax

bluesox27

Dear All


I have been offered compensation for the miss-selling of a pension works to private

the compensation offer was less twenty percent due to the fact that I could claim back the twenty percent with tax relief in the future but I am a non tax payer and my private pension provider will not accept my compensation due to this


should the offer have had tax taken off at source has far has I know the compensation should be tax free

I cannot get a proper answer of the tax office and the insurance company wont tell which tax rules they would take the tax off with

yours

Jimmy

Your_Hero

If the compensation was to repay you your contributions then to clawback the tax relief would make sense. Without much more information than what you've provided, it's very difficult to comment further.

bluesox27

Dear/sir/madam

The compensation has been worked out on the value of my pension today in my private pension

And what my pension would have been worth today if it had been left in my final
Salary scheme with my company before I was miss-selled a private pension

So the compensation is the difference between the two pensions and puts me back to where I should have been if I had not left my works pension

Yours
Jimmy