Mis-sold a pension - can I claim?

PHOENIX68

Hi, Back when I was 16 I took out what I thought was a pension, it wasn't! It's a Personal Wealth Plan, though I'm not sure exactly what that is! Some time ago, maybe 10-15 years ago, I wrote advising that I wanted my money back (£1000) as it had been mis-sold to me but the answer was "take it to the financial ombudsman" pretty much with a list of reasons why I shouldn't. I was told the money would be available to me at retirement age. The company at the time was General Portfolio who became Windsor Life though I'm not sure if they are still about. I still have all the documentation and am wondering if anyone knows of any reputable firm willing to look into the matter to see if it's worth persuing no win/no fee basis. I am now 46 and see how much the mis-selling of PPI is covered but nothing that I can see around pensions/personal wealth plans.

Thanks!

mania112

I'm pretty sure that is a personal pension.

The company were completely fraudulent in everything they sold.

I'm not sure you'll have much luck reclaiming anything -- there's so much small print in these plans, and i'm not sure going down the 'mis-sold' route would work with a plan like this.

To be honest, going down the Ombudsman route is your best bet, have you done that? Windsor Life are now ReAssure, you could try them?

dunstonh

Hi, Back when I was 16 I took out what I thought was a pension, it wasn't! It's a Personal Wealth Plan, though I'm not sure exactly what that is!

That was a section 226 retirement annuity contract IIRC. So, it would be a pension.

Some time ago, maybe 10-15 years ago, I wrote advising that I wanted my money back (£1000) as it had been mis-sold to me but the answer was "take it to the financial ombudsman" pretty much with a list of reasons why I shouldn't.

You cant have your money back out of a pension until you get to the retirement age range (55+ currently. Would have been 50+ when you bought this). So, they could not do what you wanted them to do.

I still have all the documentation and am wondering if anyone knows of any reputable firm willing to look into the matter to see if it's worth persuing no win/no fee basis.

It is too late. You already complained and they rejected your complaint and gave you the opportunity to go to the FOS if you disagreed. You have 6 months to do that from receipt of that letter. After which, you are timebarred from using the FOS and the firm no longer has to consider any complaints in respect of that sale.

I am now 46 and see how much the mis-selling of PPI is covered but nothing that I can see around pensions/personal wealth plans.

That is because there are no widespread issues regarding personal pensions at this time.

kb92830

This is definitely a personal Pension that will have 10 policy numbers attached to it. After Windsor life it transferred to Reassure, the link to the Website is here https://www.reassure.co.uk/Pages/default.aspx, write to them with your Name NI number, policy number if you have it. I too had one of These and the growth has been quite good.

Intoodeep

kb92830 wrote: »

This is definitely a personal Pension that will have 10 policy numbers attached to it. After Windsor life it transferred to Reassure, the link to the Website is here https://www.reassure.co.uk/Pages/default.aspx, write to them with your Name NI number, policy number if you have it. I too had one of These and the growth has been quite good.

Likewise here, paid a smallish amount into one, before I stopped paying in, but the growth recently has been very good, now well into 5 figures.
A nice little pot to have on the side, whilst also having a very good work based Pension Scheme

jurorsprudence

I know it has been a while since anyone wrote here, but thought folks should know the following;
I was sold (mis-sold) a pension by General Portfolio in the early 90s. I stupidly allowed the firm to transfer 2 years worth of contributions from a final salary scheme. Once I realised my mistake, I cancelled payments. I have looked into trying to re-coup the money a few times over the years but was initially told I could not, then gave up and chalked the loss down to my own idiocy.
Last year and older and wiser me went to an independent Financial Adviser who suggest I contact the company who took over Gen Portfolio's mess. (The company are called Reassure.) I spoke to a very nice lady there who found my details on the system and told me there and then that my pension pot now stands at £17000. I made her say it twice to be sure.
As it is in a pension I cant touch it until I am 55, (then can take 25% tax free) but given I thought it would be worth a couple of hundred at best I am really pleased and would recommend that anyone with one of those pensions either calls or writes in to ask how much it is worth and what their options are.