mis sold pension?

astroL

I believe that I have valid grounds to complain about a mis sold pension. I can only find info on commercial sites. Can MSE point me to an MSE page on this? Lawrence H

jaybeetoo

What info are you looking for? How to complain?

SonOf

Can MSE point me to an MSE page on this?

There is no MSE page on this because there are generally no major issues with missold pensions nowadays apart from some concerns with defined benefit transfers.

It would be better if you tell us why you think you were missold as a
a) we can help you identify failures if they exist
b) often threads like this are not missales but misunderstandings or later issues not related to the sale.

astroL

Basically, back in the early 1990s I was illegally declared redundant and then had to start a personal pension as self-employed elsewhere. I got advice from a BS to pay into a scheme that later turned out to be associated with the BS. The problem is that the pension circumstances led to me now receiving a pittance due to the complete inappropriateness of the pension arrangement. I ended up with four separate tiny pensions from the same company/BS that are insultingly small, It just cannot be right.

AnotherJoe

What do you mean by "innappropriate" ? Wrong funds?

Thrugelmir

astroL wrote: »

The problem is that the pension circumstances led to me now receiving a pittance due to the complete inappropriateness of the pension arrangement.

Receiving a pittance is often down to the level of contributions made.

SonOf

I got advice from a BS to pay into a scheme that later turned out to be associated with the BS.

Which is logical as nearly every building society operated as tied agents/FAs and not IFAs.

The problem is that the pension circumstances led to me now receiving a pittance due to the complete inappropriateness of the pension arrangement.

How was it inappropraite?
People who refer to their pensions as a pittance is usually down to only a pittance being paid in. Sadly, a common mistake is to pay a decent amount when starting the pension but failing to increment to take account of inflation.

Pensions, or any investment wrapper, are only as good as what you pay in. If you pay in £30pm for 30 years then you will get back around £50pm in retirement.

I ended up with four separate tiny pensions from the same company/BS that are insultingly small, It just cannot be right.

it is almost certainly right. We need more info though.

How much did you pay into the pension (either each one or a total)?
Did you top up it over the years?
What value is it worth?
Have you actually retired and looked at real income figures or are you looking at statement projections (which are artificially lower than reality. Often by quite large amounts)?

Dox

astroL wrote: »

Basically, back in the early 1990s I was illegally declared redundant irrelevant to your complaint - far too long ago, in any case and then had to start a personal pension as self-employed elsewhere. I got advice from a BS to pay into a scheme that later turned out to be associated with the BS nothing wrong with that. If you use a tied agent, don't bet surprised when they can only recommend their own products . The problem is that the pension circumstances led to me now receiving a pittance due to the complete inappropriateness of the pension arrangement. What exactly was inappropriate about it? I ended up with four separate tiny pensions from the same company/BS that are insultingly small, It just cannot be right.

Do you know/understand why you have four rather than one? Given this all took place in 'the early 90s' (or at least had its genesis then), what have you done in the last 25+ years to ensure your pension income would be adequate?

bostonerimus

Without specifics it is impossible to judge the appropriateness or performance of your pensions. So names and funds would help. Also what's the level of your contributions and size of pot or annual payments?