My Dad's Pension - Lost??

Brumlad87

Good Evening,

My dad retires later this month, he has three private pensions paid into through his employment plus the standard government pension. He is having trouble with one pension and has been since i first told him to chase it about 2 months ago because he hadn't heard anything about it about (the other two pension companies contacted him roughly 6 months before retirement was due)

My dad has a small pension whilst he was working for Christian Salveson, since his leaving the company the pension provider has changed three times due to buy-outs (or takoevers whichever terminology is preferred)
He has contacted the current provider (sorry, unsure at the moment of writing this) and they said they can see his details on the system but can't find the pension funds - my guess would be it's fell into a "black-hole" of sorts during the take-overs and so far they still haven't been able to find it.
He does have documentation that was sent to him a few years ago detailing the amount paid at that time so i imagine the amount is still fairly similar today after interest etc.

I think the company has had enough time to try and find it and that my dad should escalate this to an external body with some authority - does a company such as this exist? Would the FSCS or Financial Obudsman be able to get involved in this?

Thanks for the help in advance.

GunJack

I'd send them a copy of the documentation he has (keep originals safe) in order to help them to track your dad's details/pension down....even if they have to take his evidence as a starting point, it may speed up the process.

hyubh

Brumlad87 wrote: »

My dad has a small pension whilst he was working for Christian Salveson, since his leaving the company the pension provider has changed three times due to buy-outs (or takoevers whichever terminology is preferred)

You sure - do you just mean that the administrator has changed a few times?

He has contacted the current provider (sorry, unsure at the moment of writing this) and they said they can see his details on the system but can't find the pension funds

Is this definitely DC? Not obvious to me (Christian Salveson had a COSR scheme back in the day).

- my guess would be it's fell into a "black-hole" of sorts during the take-overs

Admin data quality may just be rubbish after going through the data migration mill a few times...

He does have documentation that was sent to him a few years ago detailing the amount paid at that time so i imagine the amount is still fairly similar today after interest etc.

That's not how either DB or DC works, and I'm pretty sure CS didn't operate a 'cash balance' scheme where what you assume could arise.

I think the company has had enough time to try and find it and that my dad should escalate this to an external body with some authority - does a company such as this exist? Would the FSCS or Financial Obudsman be able to get involved in this?

You need to raise a formal complaint to CS pensions, under their 'internal dispute resolution procedure' (IDRP) if they have one, first. If going through that fails, then the next step is raising a case with the Pensions Ombudsman:

https://www.pensions-ombudsman.org.uk/our-service/make-a-complaint/

xylophone

Is this definitely DC? Not obvious to me (Christian Salveson had a COSR scheme back in the day).

https://www.professionalpensions.com/global-pensions/news/1460387/christian-salvesen-scheme-gbp1m-aid


The DB pension scheme has been closed to new recruits since April 2000.

The company said its DC scheme, launched in April 2001, has “proven popular and does offer a more cost-effective way of providing pensions to employees”.

Employees are eligible to join the scheme after six months’ service.

hyubh

xylophone wrote: »

The DB pension scheme has been closed to new recruits since April 2000.

The company said its DC scheme, launched in April 2001, has “proven popular and does offer a more cost-effective way of providing pensions to employees”.

Sure, but the original post was written in the past tense. Perhaps Brumlad87 can clarify when his dad's employment with CS was...?