Mis-Sold Pension???

campbeji

Hi all, looking for a bit of advice.
27 years ago My wife and I were advised to move our work pensions into pension schemes with Zurich.  About two years after I was sent a letter by Zurich to say that the advice I had been given was incorrect, the pension was then moved back to my works pension with an amount put into the Zurich scheme to make up for any losses (not 100% sure of that last bit).  I had assumed that this also happened with my wife's pension.

In the meantime, the company that Janet worked for went out of business and there was a whole drama with the works pension scheme, which is still ongoing I believe (not a lot of info being given out about it).

So on Saturday Janet gets an annual statement for her Zurich pension, the first that has ever been received, needless to say, we were a bit surprised.  After a bit of investigation, it turns out that Janet's pension was never reinstated to her works pension.  So I am wondering if the advice that was given to me was wrong at the time, then would it have been wrong for Janet as well, there was only ever one meeting for us both, so the same advice was given for both pensions.

Both works pensions were/are of the final salary type, although mine would have had slightly better terms.

So, as far as I know, there have been no payments into the pension in the last 25 years or so, and no communication from Zurich either.

Is there a chance that this pension was mis-sold?  Is there anything we can do?

Thanks
Jim

Thrugelmir

campbeji said:

 So I am wondering if the advice that was given to me was wrong at the time, 

Unlikely. Back in the day were known as Allied Crowbar for their hard selling tactics and high charge products. 

dunstonh

27 years ago My wife and I were advised to move our work pensions into pension schemes with Zurich. 

27 years ago places you with the 1988-1994 pension review that required all pensions sales to be proactively reviewed with regards to suitability.

Yours appears to be have been done but from what you are saying, your wife's was not.

In the meantime, the company that Janet worked for went out of business and there was a whole drama with the works pension scheme, which is still ongoing I believe (not a lot of info being given out about it).

Back then, there were fewer protections for workplace pensions.  So, when you say "drama", what sort of drama?   Not being moved back into it may have been a blessing in disguise.

So I am wondering if the advice that was given to me was wrong at the time, then would it have been wrong for Janet as well, there was only ever one meeting for us both, so the same advice was given for both pensions.

You cannot draw the conclusion unless you were both in the same scheme to begin with.  Although you mention they were both DB schemes, so statistically it is likely.   (note, I believe Thrug has misread as what you have said could be read to mean the opposite of what you really mean)

Is there a chance that this pension was mis-sold?

Potentially yes.

Is there anything we can do?

Your wife raises a complaint.  They will check the outcome of the pension review and if it was one that was missed, then the complaint will have to be assessed.   

Dox

campbeji said:

In the meantime, the company that Janet worked for went out of business and there was a whole drama with the works pension scheme, which is still ongoing I believe (not a lot of info being given out about it).

So on Saturday Janet gets an annual statement for her Zurich pension, the first that has ever been received, needless to say, we were a bit surprised.  After a bit of investigation, it turns out that Janet's pension was never reinstated to her works pension.  So I am wondering if the advice that was given to me was wrong at the time, then would it have been wrong for Janet as well, there was only ever one meeting for us both, so the same advice was given for both pensions.

Both works pensions were/are of the final salary type, although mine would have had slightly better terms.

Sounds as if you were in different schemes, given you refer to the company 'your wife' worked for and that your scheme had 'slightly better terms'. So it doesn't follow that the advice to her was wrong just because yours was. If her works pension scheme - or more accurately the employer - was in trouble prior to the PPF coming into existence in April 2005, that could have been a good reason to transfer out.

TBC15

You may wish to edit your post to remove your names.

Mutton_Geoff

Thrugelmir said:

Unlikely. Back in the day were known as Allied Crowbar for their hard selling tactics and high charge products. 

And wind the clock forward 30 years and they reinvent themselves as St James Place

DaveMcG

dunstonh pretty much summarises the situation and raising the complaint is the way forward.  A couple of additional points.  The work pension scheme might not have allowed reinstatement of the missing pensionable service, but have allowed rejoining or not allowed either.  So this could have left a residual pension with Zurich.  Less likely, there might have been a small surplus due to your wife paying more contributions than she would have had to the scheme and there being no available place for this, they remained with Zurich rather than going to the scheme AVC.

If the amount was small, there was no requirement to send out statements for small amounts which would explain the lack of statements.

LHW99

Raise the complaint - a couple of times I / my OH have opened schemes / changed investments via the same adviser at the same time - one has gone through, one hasn't purely I suspect because someone saw the same surname and address, on the same day and decided to only process one. That could have happened here.

jamesd

Complaint time. It's very likely that she has been left in a worse position and will be due a redress payment.

Was her employer's failure before the Pension Protection Fund was established? Employer insolvency could have led to loss of the pension if it was, part of why the PPF was created. PPF pays reduced benefits instead.

Complaint still the way to go, though.

joan1234

Would the complaint be directed to the Pension provider? I have similar issue with MI from early 90s would the first port of call be MI?

derekm1960

Hi little advise required please.
back in the late 80' early 90's I had a work pension however was advised to transfer it to Merchant Investors as I would get a better return. Today I saw a full page add that in the Standard that I may have been miss sold as I may be due to compensation. Is this a scam or true if so is there some where where I can and not a no win no fee company.