JLT Wealth Management review of pension transfer

Davidswadkins

Bigbird21 said:

I was very suspicious on receiving the same letter. I called the FCA to check they were a legitimate company before I responded. This was about 2 years ago & I didn’t expect anything to come from it. However, I have just received a letter offering a significant sum of compensation.
so my advice, follow it up, you have nothing to lose.
Can anyone offer advice re tax implications … I am working f/t and in the 20% tax bracket, JLT have deducted tax from their calculation. Do I have to declare this on my self assessment and pay any further tax? Should I seek tax advice from accountant or financial advisor? 

Any advice gratefully received, thank you

I was paid today and just spoke to my accountant and apparently he agrees with my pension advisor that tax has already been paid 
not sure if you have received your money yet but mine has hit my account today and it feels good 😊 

mikelj99

Has anybody gone as far as getting an actuary to check the calculations and assumptions made by JLT? I had a pension specialist take a look and they simply said that JLT would have had to follow FCA guidelines in doing this, but I’m the suspicious sort….I also wonder whether a freedom of information request to the financial ombudsman might be worthwhile just to see how many people have been affected…..

shortseller09

JLT would be obliged to use an independent actuary to carry out the calculation. Getting a second opinion would potentially be costly and would very likely end up with the same conclusion. 

mikelj99

Thanks.....last question, is interest normally payable in this situation by way of compensation, in addition to redress payment ? 

shortseller09

All FCA regulated firms follow the same guidance in setting redress, so the calculation that you have received will be in line with those guidelines.

Simple interest can be added in cases where the client is in receipt of pension benefits and is usually calculated from the date benefits were taken up to the calculation date.

Hello3

Got my redress payment today. They paid within one week of receiving all my details. As i posted it before when i received letter from JLC i was not going to bother. Don`t even know why i did sign it and send of the letter as i  was worried it could be a scam or a waste of my time signing and walking the letter to the post box. What a mistake that would have been. We are talking 6 figure numbers compensation. Don`t make the mistake of what quite a few people have done and just ignored the letter.