Missold/advice to switch from Defined Benefit Scheme

Brynsam

Joey_Soap wrote: »

From what the OP says, if the claim is just based on hindsight, he's going to have a tough job to get any redress. Are the advisers a still around from all that time ago, I wonder? Many have disappeared. My experience is this - My wife was advised "or sold" a unitised personal pension with Clerical Medical from a firm of advisers (salesmen). At the time we both had DB deferred pensions from the same company. Our situations were very, very similar. I was also "advised" to take the unitised pension too, just the same. We decided (wisely) to transfer one and see how it went. With about five years of the Clerical Medical scheme under or belts, I compared my outcome from my deferred DB plan and the wife's. I did a spreadsheet calculation and I discovered that at age 60, there was going to be at least a quarter million pound shortfall in the benefits from the Clerical Medical scheme compared to the outcome of the DB scheme she transferred out from. I put all this in a letter, backed by my calculations. After about three or four months we got a letter from the company I complained to. It said that they had negotiated for the wife to be transferred back into the DB plan. The DB plan trustees had agreed to reinstate everything back as if she had never been away. They were under no obligation to do so, but they agreed and the advisers paid the DB fund whatever it was that was required to make it so. We were very lucky. But we had a firm set of calculations to go on. Could the OP maybe do the same? After 20 odd years it might be a tall order.

Even if the trustees would agree to reinstate/link OP's DB service, why would the advisers agree to cough up what would undoubtedly be a very large sum of money if they've done nothing wrong? OP has had very many years in which to raise a complaint and has not done so.