Plea for help re Pension Scam/Missale

SonOf

Our understanding of your complaint is that you were advised to transfer to a guaranteed pension with MetLife in 2013. You were told that this offered a guaranteed income and a lump sum; the only thing that was not known was how much more than the guarantee you might get. However, once it had increased above a certain value, it could not go back down again.

That is not the secure income option. That is the secure growth version.

and you have been told that “secured income option” and “guaranteed income” were just the names of the features of the policy, rather than meaning the figures were guaranteed.

Technically, the term secure income is a generic phrase to refer to an income method that is secure. i.e. annuity or defined benefit pension income. Some with the phrase guaranteed income. Most pension illustrations are based on the regulator's rules and require a secure income option/guaranteed income option to be given in the illustration. Illustrations are synthetic projections using a range of hypothetical figures based on the rules of the day (which are reviewed periodically and changed).

Obviously, we only have a limited bit of information here but I am struggling to see a missale. I can certainly see you misunderstood the illustrations. But that does not make it a missale.

What exactly has gone wrong for you? You haven't mentioned what caused you to complain in the first place.

edit: additional posts made after I wrote the above...

Yes , i have. And when i asked the adviser , and in the letter he sent,he said the beauty of the plan was that it was unaffected by any commissions paid .

The adviser no longer exists. So, you are not paying an ongoing charge to the adviser. Any commission that existed on the plan would be retained by Metlife. Commission was banned from 2013 but existed in pre-2013 contracts and the commission payment was not always explicitly the same as the charges. Although from memory, I believe it was in the case of metlife.