claim for misold mortgage

Legacy_user · 2 March 2019 at 12:48PM

Hi. I've been thinking for sometime and not sure where to start.
I started work in early 80's and I automatically paid into a works pension. Then back in the 90's the government allowed people the option to 'opt out' and set up their own private pension.
I did this on the advice of a financial adviser for a number of years, but was later advised to 'opt back in'. (especially as my employer was matching my contribution, it was a 'no-brainer'). So I followed this advise, only to find that I have lost benefits to my pension due to the 'opting out'.
Is there a chance I could claim as misold as I feel this was not good advice and how do I go about this and who to contact?
Thank you

BoGoF · 2 March 2019 at 12:52PM

You didn't think much about your title then.

Nearlyold · 2 March 2019 at 1:10PM

Who did the adviser work for? A bank, a direct sales force like Allied Dunbar, Abbey Life, General Portfolio etc?

One problem you face in any complaint is time barring -because its more than 6 years since you opted out and more than three years since you should have realised you had cause for complaint about opting out (this was when you were advised to opt back in)

Silvertabby · 2 March 2019 at 1:11PM

Why do you think you have lost out? The only mis selling I can see here is when you were pursuaded to give up your employer's (possibly final salary?) pension in return for a personal pension totally funded by yourself. This was obviously addressed in the 1990s, and you were fortunate enough to be able to re-join your employer's scheme.

Think about it. Yes, by not contracting out you may not qualify for the full single tier pension of £165 per week (which wasn't even a twinkle in its creator's eye in the 1990s so you can't claim that your advisor didn't tell you about it then). However, that would be £165 plus the proceeds of your private pension which would not only be based on your contribution alone, but would have also gone up - and down - along with the stock market. Specifically the 2008 crash.

Or, consider how much you will get as a combination of the State pension you will actually get PLUS the proceeds of your employer aided pension.

I was contracted out from 1978 until I retired, and so won't get the full £165 per week either - but the way I look at it is that I am already getting the difference between £165 and the actual State pension I will eventually receive as part of my contracted out occupational pensions.

Silvertabby · 2 March 2019 at 1:14PM

Nearlyold wrote: »

Who did the adviser work for? A bank, a direct sales force like Allied Dunbar, Abbey Life, General Portfolio etc?

One problem you face in any complaint is time barring -because its more than 6 years since you opted out and more than three years since you should have realised you had cause for complaint about opting out (this was when you were advised to opt back in)

That was dealt with in the 1990s. OP now mistakenly thinks he/she has lost out by not getting the full single tier pension of £165 and their contracted out occupational pension.

dunstonh · 2 March 2019 at 1:49PM

All pensions sold between 1988 and 1994 were proactively reviewed under the pension review. This was largely completed by 2000 and the outcomes had to be reported to the regulator. Only a few stragglers were not reviewed and they were ones that could not be found at the time.

I did this on the advice of a financial adviser for a number of years, but was later advised to 'opt back in'. (especially as my employer was matching my contribution, it was a 'no-brainer'). So I followed this advise, only to find that I have lost benefits to my pension due to the 'opting out'.

Assuming you are one of the extremely rare stragglers that never got reviewed, this could potentially time bar you. You have to raise a complaint within 3 years of being reasonably aware of an issue. That could be the trigger point for 3 years.

I started work in early 80's and I automatically paid into a works pension. Then back in the 90's the government allowed people the option to 'opt out' and set up their own private pension.

Did you opt out of the workplace pension that had employer contributions or did you contract out of SERPS? It is not clear from your post what you are referring to.

Nearlyold · 2 March 2019 at 2:04PM

Silvertabby wrote: »

That was dealt with in the 1990s. OP now mistakenly thinks he/she has lost out by not getting the full single tier pension of £165 and their contracted out occupational pension.

Actually I didn't think it was clear what the OP was disgruntled with - is it leaving the works scheme in the first place or the advice to rejoin it? OR about a Serps opt out/in OR even perhaps a Mortgage!!;)