Mis sold FSAVC?

System

This discussion was created from comments split from: mis sold pension?.

Stratford48

Mis sold FSAVC?
In 1991 (aged 26) I was working at Marks and Spencer and had a final salary pension scheme. I wanted to ensure that I would have a good pension and a financial advisor from Allied Dunbar (Zurich these days) advised me to take out a FSAVC rather than pay into my M&S pension. My contributions to the FSAVC started at 40 monthly net in 1991 and I still pay in 93 monthly net. My predicted annual income in 2025 is 1690, which is dreadful. My issue is not just with the terrible investment but with the  advice to pay into an FSAVC  rather than a final salary scheme - was I mis sold? If so, is there anything that I can do about it? At 55 next birthday I am only just looking at my pension predictions and asking myself a question that I should probably have asked many years ago. 

atush

That was missold.  As many who were adviseed to leave DB pensions for DC pensions most often had complaints upheld. But may be time barred.

You will need to raise a complaint

parcival

Had similar with a Barclays pension. Failed to complain which was my fault. When I did complain I was time barred. Don't think time barring should exist for pensions as most don't look at them until they are close to payment

SonOf

Stratford48 said:

Mis sold FSAVC?
In 1991 (aged 26) I was working at Marks and Spencer and had a final salary pension scheme. I wanted to ensure that I would have a good pension and a financial advisor from Allied Dunbar (Zurich these days) advised me to take out a FSAVC rather than pay into my M&S pension. My contributions to the FSAVC started at 40 monthly net in 1991 and I still pay in 93 monthly net. My predicted annual income in 2025 is 1690, which is dreadful. My issue is not just with the terrible investment but with the  advice to pay into an FSAVC  rather than a final salary scheme - was I mis sold? If so, is there anything that I can do about it? At 55 next birthday I am only just looking at my pension predictions and asking myself a question that I should probably have asked many years ago. 

Probably best that you post on your own thread rather than hijack a thread on an unrelated subject.  Copy and paste your post into a new thread.

eskbanker

parcival said:

Had similar with a Barclays pension. Failed to complain which was my fault. When I did complain I was time barred. Don't think time barring should exist for pensions as most don't look at them until they are close to payment

In the context of complaints about misselling, it would be pointless to allow these many decades after the event concerned!

System

This discussion was created from comments split from: mis sold pension?.

System

This discussion was created from comments split from: mis sold pension?.

MallyGirl

I have done my best to split this out into a new thread but the new forum tools are a bit clunky.

xylophone

Wasn't the Marks and Spencer DB Scheme non-contributory back then?
You could have had the company pension and the FSAVC?
Are you sure that you don't have a deferred pension with M&S?
https://goodwinbarrett.co.uk/mis-sold-fsavcs/

xylophone

Have you obtained a state pension forecast?
https://www.gov.uk/check-state-pension