Conned out of pension

Malthusian

AnotherJoe wrote: »

Is there an issue here in that if the OP complains, unless whoever they did this thing with is still around to be claimed against*, this might alert HMRC and they'll want their tax back?

Dunstonh is right, if the OP owes HMRC tax then HMRC will come after them eventually, whether or not they make a complaint.

There is a time limit on Financial Ombudsman complaints so the OP should certainly not waste any time.

atush

Where is your 'friend'? What does he have to say?

xylophone

pension liberation fraud.

The OP says that she was 56 when all this happened so that purely from the point of view of HMRC rules, she could have accessed her pension?

It seems to have been a deferred DB pension so that SNRA is likely to have been 60 or 65.

It seems that the scheme administrator refused access to the pension before SNRA, even on an actuarially reduced basis?

However, it does appear that the scheme administrators allowed a transfer out?

It is at this stage that things become rather murky and I cannot quite understand what has happened.

If the OP has the transfer out documents from the administrators of the old scheme, what do they show about where the money was sent?

Did they not have any responsibility to ensure that it was sent to an authorised pension scheme?

If it was sent to an authorised pension scheme, what happened next?

Did she agree to take the loan from the drilling company pending access to the new pension?

Was the pension then accessed in full, the drilling company repaid and a large "fee" paid to the friend?

dunstonh

The OP says that she was 56 when all this happened so that purely from the point of view of HMRC rules, she could have accessed her pension?

the 25% element and possibly a capped drawdown amount. However, the rest of the 75% element would have been a breach.

The lack of detail is making it hard to give much more info.

pip895

Is the OP definitely UK based? Just superannuation seems an odd term for a UK person to use.

Silvertabby

pip895 wrote: »

Is the OP definitely UK based? Just superannuation seems an odd term for a UK person to use.

Lots of UK people in OP's age group still use 'superann/superannuation' for 'pension'.

[Deleted User]

Yes I was and still am UK based. It was a compulsory rule when an employee reached age 21 had to join the company’s superannuation fund.

[Deleted User]

Looking through documents from employer and drilling company I haven!!!8217;t actually signed any of their forms. I thank everyone who has tried to help with their good advice. It all does seem murky so who would I go to for this to be looked into properly.

xylophone

It was a compulsory rule when an employee reached age 21 had to join the company!!!8217;s superannuation fund.

But can you clarify what exactly happened to your pension.

The scheme administrators presumably transferred the money to a registered pension scheme?

If they didn't, where exactly did the money go?

[Deleted User]

Letter from employer confirms that a payment in respect of transfer value from the above scheme (superannuation fund) has been issued to the drilling/geotechnical ltd. company