Advice regarding Military Pension

Lena43

I need some help please. I served 10 years in the RAF and had a small pension which I was advised by a financial adviser to move it under the new legislation of being able to transfer pensions. I am now questioning whether I was given the right advice and whether I would have been better off leaving it in the RAF pension pot. Can anyone suggest where I can obtain advice about this from please? Many thanks.

Silvertabby

Lena43 wrote: »

I need some help please. I served 10 years in the RAF and had a small pension which I was advised by a financial adviser to move it under the new legislation of being able to transfer pensions. I am now questioning whether I was given the right advice and whether I would have been better off leaving it in the RAF pension pot. Can anyone suggest where I can obtain advice about this from please? Many thanks.

When was this? Where was your pension transferred to?

Lena43

I came out of the RAF in 1987 and was given advice about 1992 to transfer it then was given further advice to move it again and it is now with Re-assure. I want to know if I was given the right advice and if not could I claim anything against this? Thank you.

Silvertabby

Lena43 wrote: »

I came out of the RAF in 1987 and was given advice about 1992 to transfer it then was given further advice to move it again and it is now with Re-assure. I want to know if I was given the right advice and if not could I claim anything against this? Thank you.

This was at the height of the pensions mis-selling debacle. Pensions funds which had accepted transfers from final salary schemes such as your RAF pension had to carry out reviews by the end of 1994. At this point, your new pension provider should have written to you to ask if you wanted to make a complaint. Can you remember getting such a letter? The cut-off for complaints was 31 March 2000 and, whilst the Ombudsman says that some complaints may still be considered, it is unfortunately highly likely that you are now out of time.

Can you remember the annual pension you gave up and the CETV (cash equivalent transfer value - the amount of money transferred to your new scheme)?

Dox

Is there a reason you are asking now, so long after the event - for instance, are you concerned about ReAssure?

Lena43

Hi there, thanks for the information, I don't recall getting a letter with regards to making a complaint and have gone through all paperwork I have with regards to my pensions. I have got the paperwork with regards to the transfer.

Lena43

Thank your for your interest. As I don;t really have a clue about pensions I guess I have buried my head in the sands about it. The reason I am looking into it now is because I want to see if I can take any of it now in order to pay off my mortgage and if so enabling me to work less hours

xylophone

The reason I am looking into it now is because I want to see if I can take any of it now in order to pay off my mortgage and if so enabling me to work less hours

Are you aged over 55?

What is the value of the pension?

Does it have any form of safeguarded benefit?

Do you have other pensions?

Have you obtained a state pension forecast?

unforeseen

xylophone wrote: »

Are you aged over 55?

Based on the fact that they left the RAF in 1987 after 10 years then the answer would be yes.