Missold a pension in the 80s

thebullsback

Hi everyone,Thinking outside the box here but !!!
In 1989 I invested my nationalized Bus industry pension (B.E.S.T.)into a Bond 32 with the Prudential as the company I was working for was De Nationalized and taken over by new management who intended to start there own pension scheme and I along with others were advised that we had two choices A-leave our old pension pots to tick over in the old scheme or B-transfer into the new Go-Ahead bus company scheme.
A few days after all employees received this letter a colleague of mine told me that a friend of his who worked for the Prudential had told him there was another choice we could take and that was what I now know to be a Bond 32. I along with about five others took this choice and invested into a Prudential Bond 32.
Several years later out of the blue I received a letter from Prudential stating I may have been miss sold a pension and could I give permission for them to investigate ? I said yes.
In April 2000 I had a redress payment of £7,318 added to my Bond 32 .I recall signing a form stating this was in full and final settlement .
Due to my lack of financial knowledge at the time I was obviously miss sold this Bond does it not follow that also due to my lack of financial knowledge at the time I may also have done myself no favors by signing the full and final form and maybe should have waited until retirement time so that I could see how the miss selling had impacted on me then ??
Please be gentle with me. Thank you .

PeacefulWaters

The payment was almost certainly a statutory calculation.

So that should be the end of it.

thebullsback

Thank you for your comment .
Any more views from anyone ??

dunstonh

Several years later out of the blue I received a letter from Prudential stating I may have been miss sold a pension and could I give permission for them to investigate ? I said yes.

That would have been part of the mandatory review of pension sales between 1988 and 1993.

In April 2000 I had a redress payment of £7,318 added to my Bond 32 .I recall signing a form stating this was in full and final settlement .

That is normal with these things.

Due to my lack of financial knowledge at the time I was obviously miss sold this Bond does it not follow that also due to my lack of financial knowledge at the time I may also have done myself no favors by signing the full and final form and maybe should have waited until retirement time so that I could see how the miss selling had impacted on me then ??

The various redress methods were defined and not something you haggled over. So, you got your redress payment and it puts the issue to bed.

thebullsback

Looks like my goose is cooked . Thank you for your replies .