I've been overcharged by my Pension provider - HELP !!!

pilsthedoughman

Hi all

I have a Private Pension (SIPP) with an Insurance Company which is now just over 5 years old, after I switched from another type of Pension - I had to use a Financial Advisor to do the switch, but it enabled me to take £39k tax free just over 5 years ago when i was 50 just prior to the change in minimum age to 55.

I'm really pleased that I did this as it changed the usual type of financial family hardship overnight and as things have turned out with my wife sadly passing away recently, I am pleased that she benefited albeit for a relatively short period.

However, I still have a pension fund in excess of £100k, and after me taking a closer look at the quarterly charges, the Insurance Company have admitted to overcharging my Pension Fund in respect of the Establishment Charge - the overcharged amount is nearly £4k !!!

I await their proposals as to how they are going to rectify this - for them just to reimburse my fund with the overcharged amount is unacceptable imo; most of my fund is looked after by specialist investment Managers who up to now have done rather well for me with some of the investments in my portfolio, doubling in value over short periods - who is to say that the £4k would not have been invested in one of these such Company shares ?

Any help that others may beable to give would be appreciated - I was thinking of Legal advice but wonder if its worth it ?

Many thanks, regards to all

atush

they should be expected to put you in the situation you would have been w/o the overcharging.

So the 4K should be boosted by the same amount the rest of your pension has grown and income received since the charge?

dunstonh

I await their proposals as to how they are going to rectify this

It will either be the amount overcharged plus 8% simple interest or the amount overcharged, if that had been invested in the funds you have selected at the outset.

who is to say that the £4k would not have been invested in one of these such Company shares ?

It will not be in hypothetical but actual at the point the error first occurred.

I was thinking of Legal advice but wonder if its worth it ?

No point wasting your money on that as a solicitor will tell you to employ an actuary and that will cost you hundreds, if not thousands of pounds and you have to pay that, not the insurance company.