Pension mis sold

gremlin

I'm looking for a bit of advice please on whether we have a possible mis-selling case. My OH left the forces early 20 years ago. A couple of years later we had a financial adviser set up another pension scheme as we had children then, the adviser recommended my husband transfer his forces pension into the private sun-life scheme.

We were both young and had no idea about pensions and just did as requested but now think that it probably wasn't a great idea.

The question is do we just stuck it up as our naivety or does this sound like a mis selling case due to the wrong advice and worth persuing. ?.?

Any input would be gratefully received

Thanks x

atush

Yes, it sound like miss selling. It was certainly a very poor choice by yourselves.

Lodge a formal complaint with the company who suggested you move your pension.

gremlin

Thanks atush

I know we were stupid but we were young and had no idea about pensions and trusted the 'adviser' to do the right thing.

We have since taken employment pensions so are not reliant on the original one.

Could I ask, the original pension company has been taken over by Sun Life. Would sun life now be responsible as holders?

TrickyDicky101

Who did the financial adviser work for?

dunstonh

The question is do we just stuck it up as our naivety or does this sound like a mis selling case due to the wrong advice and worth persuing. ?.?

pensions sold between 29 April 1988 and 30 June 1994 had a mandatory pension review which required the firm responsible for the sale to contact the pension holder and get them to fill out a questionnaire to help ascertain whether the pension was mis-sold or not. Pension reviews were mandatory and tracked.

The deadline set out in the formal Pensions Review was 31 March 2000 - so it is now too late for a consumer to ask for a Pensions Review

http://www.financial-ombudsman.org.uk/publications/technical_notes/pensions-review.html

What did you do with your questionnaire?

gremlin

Thanks for the replies guys.

Trickydicky the company was winturtur life and was since bought put by sun life Canada.

Dunstonh. I'm not aware of a questionnaire at all. I'll have a look through our paperwork but don't recall it. Although it was 15 years ago so I wouldn't trust my memory. I havent got the paperwork handy but I believe the pension was taken out in 1996. Would this make a difference?

Again thanks for the time and advice

dunstonh

Given the mis-sale period, it would be strange, but not impossible, to have a pension transfer mis-sale in 1996. Everyone knew at that point what the issues were and the regulator had changed requirements and expectations on research and analysis. It would equivalent to someone trying to sell you PPI now. Most of the tied sales forces would stopped by then. So, was this sold by a salesforce rep or an independent? If the latter, if the firm still operating?

xylophone

http://www.thisismoney.co.uk/money/pensions/article-1585707/Pension-mis-selling.html

might be worth a read though old.

Try TPAS initially? http://www.pensionsadvisoryservice.org.uk/

gremlin

I haven't got thepaperwork to hand so am not sure of exact dates but am sure it was between 1994 and 1996. i will get paperwork out tomorrow as this is following a conversation we had with a friend regarding pensions but I will get on to it tomorrow.

I remember that it was a rep from Winturtur Life that sold us 2 pensions. One was a transfer of the forces pension and a a seperate pension.

I'm not sure when it was taken over by sun life but we still get annual correspondence and statements from sun life

atush

Well winterthur is the point of sale then. TPAS wil tell you who you ahve to contact int he first case as their business has been taken over

So dig out paperwork and get back.

gremlin

Will do guys.

I really appreciate the advice