HSBC transfer to ReAssure

Mr_Thorpe

Okay, hopefully someone can help here. Back in 2015 I received a letter from HSBC informing me that my Stakeholder pension was being sold to ReAssure. It can with a valuation of just over £14000. I had no further correspondence from them and the next letter was a statement from ReAssure about 12 mths later. This also included a balance of the account which had miraculously shrunk down to just over £7500. Just recently back in 2018 I received a letter from them with a valuation of over £8000.

Can any one explain what has happened with the missing £6000?

I received on further statements from HSBC and in my opinion I deserve some form of compensation for this loss of funds.

Anyone shed any light? Are there others in the same boat?

Thanks in advance

Linton

Surely the people to ask are HSBC and ReAssure, perhaps there was an admin error. Probably would have been easier if you has asked them at the time.

Another possibility is that one or more of the "valuations" are projections for the value at retirement.

I cannot see how we as outsiders can possibly know from the information you have provided.

dunstonh

Back in 2015 I received a letter from HSBC informing me that my Stakeholder pension was being sold to ReAssure.

Your stakeholder pension wasnt sold. HSBC sold their life and pensions as a whole to ReAssure. You can carried on unchanged apart from the logo in the corner.

This also included a balance of the account which had miraculously shrunk down to just over £7500.

Seeing a loss over 2018 is not unexpected as 2018 was a negative year for investing. However, losing almost half its value is unexpected.

Can any one explain what has happened with the missing £6000?

ReAssure can.

I received on further statements from HSBC and in my opinion I deserve some form of compensation for this loss of funds.

Before you jump on the compo bandwaggon, maybe its an idea to find out first. Especially as it could be something simple like you misreading a projection and thinking that was the value.

Are there others in the same boat?

no reports of anything and seeing as nothing has actually changed with your pension, it is more likely an error at your end.