Mis Sold Pension?

PaulAshby

Back in the early 90's I left a permanent job of 7 years to work as a contractor, the company that took me on has set up a pension scheme for its employee's and the pensions advisers that set that up also advised the guys working as contractors on their pensions and set them up with private pensions. They talked me into taking my 7 years company pension from the previous company, a final salary scheme that was very good and transferring that into a private pension which does not seem to have done very well at all.
Do people think there is a case here for miss selling?
What has made it even worse was after 5 years contracting I went back to the original company for another 7 years.

Thrugelmir

PaulAshby wrote: »

They talked me into taking my 7 years company pension from the previous company,

Any written evidence to substantiate this.

PaulAshby

Very unlikely, this is a long time ago now but i will have the original paperwork somewhere so always possible there is something useful amongst it.

dunstonh

All pensions sold between 1988 and 1994 were required to be reviewed under a forced pension review with feedback given to the regulator.

Most of these are long gone by now with most being done by 2000. The process involved them sending you a questionnaire and based on the answers and their own files they would decide suitability or not. If you had a serial non-responder, you had to keep chasing a number of times. I believe the firm could give up in the end and would be allowed to timebar a complaint if the address they were writing to was valid.

woolly_wombat

http://pensionjustice.co.uk/transfer-from-a-workplace-pension-scheme/

Many people, such as civil servants, railway workers, teachers, police officers, firefighters, NHS workers, and those in the armed forces or blue chip companies may have been wrongly advised to transfer their pension into what is known as a ‘money purchase scheme’.
This type of scheme is often recommended to those whose final pension depends upon the number of years they’ve served and their final salary. However, those who have been encouraged to transfer their money out of a final salary scheme may have been wrongly advised and could be entitled to up to £150,000 in compensation.

Obviously don't bank on £150K.

Aegis

woolly_wombat wrote: »

http://pensionjustice.co.uk/transfer-from-a-workplace-pension-scheme/



Obviously don't bank on £150K.

Especially not if you use a claims management company that take 25% plus VAT (i.e. 30% total) of your compensation to pay for them filling in a couple of forms with no additional chance of success with the Ombudsman.

woolly_wombat

My apologies.

I note that Andy McGowan has been reported for possible spam by dunstonh on another thread.

lisajaynec

Hello hoping someone can assist me
My husband had a 10 year army service and pension or so we thought. As he was coming up to 60 we applied to the army only to be told he signed it over in 1992 and they sent the paperwork, done via the his bank. This policy is now worth very little compared towhat he would have received. I didn't meet my husband until 1995 and we had enquired about his pension when he was 55 and we were given a rough estimate of the policy payout, no one ever said it had been transferred so you can imagine we were shocked.
Is there anything he can do. He got separated from hi wife in 1994 so if they had tried to get hold of him she wouldn't have passed on the post.
Is there anything we can do please in retrospect
Any help gratefully received

dunstonh

All pensions sold between 29 April 1988 and 30 June 1994 were placed under a mandatory review. This required the provider/seller to contact the pension holder and ask them to complete a questionnaire. The progress on completions was monitored and reported to the regulator. Firms that were sluggish or not getting many responses had to step up and get them completed. In the end, the majority of those sold a pension in that period were reviewed as required.

If your husbands is one of the few that wasnt, he should raise a complaint to the original seller of the pension. If his was reviewed, then it will now be barred from a complaint (as the review would have settled any issues at that time).

hyubh

lisajaynec wrote: »

As he was coming up to 60 we applied to the army only to be told he signed it over in 1992 and they sent the paperwork, done via the his bank. This policy is now worth very little compared to what he would have received.

So he accepts he did indeed willingly transfer the army pension out, and has traced where he transferred it to...?

I didn't meet my husband until 1995 and we had enquired about his pension when he was 55 and we were given a rough estimate of the policy payout, no one ever said it had been transferred so you can imagine we were shocked.

But he then remembered when evidence was presented recently...?

He got separated from his wife in 1994 so if they had tried to get hold of him she wouldn't have passed on the post.

An army pension couldn't be transferred without him doing the transferring. When did he divorce his previous wife? Was the transfer part of the divorce settlement in some way? (Presumably the divorce predated the statutory 'Pensions Sharing' mechanism, which was introduced in 2000...?)

lisajaynec

Hi no He has no recollection of signing the paper but it is his signature.
Yes we know where its been transferred to but an army pension is for life and the transfer will only pay 189.00 for 15 years.

My husband was absolutely distraught when he discovered that he has no pension and obviously we had the quote from when he was 55 that never said he had opted out.

I don't know who to complain to. The bank where it was transferred or the army. This was signed over in 1992

His ex wife got the house so no pension shared

Has anyone got a template of a letter that i have to send in to see if it had a review completed please. Thank you for taking time to read and reply its very much appreciated