Old Pension Agreement

xylophone

I’m not sure if it’s a mis-sold plan? 

Back in 1988 (?) you were employed by British Airways and were a member of APS ( a Contracted Out Salary Related Pension Scheme)?

Had you been a member for a number of years? 

You opted out of the Pension Scheme (neither you nor the employer paid any more contributions) in order to contribute to a personal pension?

Did you transfer your accrued benefits to the Pearl?

Are you sure that you have no benefits (not even a GMP) left within the Scheme?

When did you leave BA?

janesouthglos

Thank you to everyone for your replies. 

janesouthglos

xylophone said:

I’m not sure if it’s a mis-sold plan? 

Back in 1988 (?) you were employed by British Airways and were a member of APS ( a Contracted Out Salary Related Pension Scheme)?

Had you been a member for a number of years? 

You opted out of the Pension Scheme (neither you nor the employer paid any more contributions) in order to contribute to a personal pension?

Did you transfer your accrued benefits to the Pearl?

Are you sure that you have no benefits (not even a GMP) left within the Scheme?

When did you leave BA?

I left ba in 1989. Not sure if anything was left with ba - what’s a gmp please?  

beduth

janesouthglos said:

xylophone said:

I’m not sure if it’s a mis-sold plan? 

Back in 1988 (?) you were employed by British Airways and were a member of APS ( a Contracted Out Salary Related Pension Scheme)?

Had you been a member for a number of years? 

You opted out of the Pension Scheme (neither you nor the employer paid any more contributions) in order to contribute to a personal pension?

Did you transfer your accrued benefits to the Pearl?

Are you sure that you have no benefits (not even a GMP) left within the Scheme?

When did you leave BA?

I left ba in 1989. Not sure if anything was left with ba - what’s a gmp please?  

Back in 1988 Pearl were encouraging their agents to transfer people out of company schemes, and into a PP with the Pearl. 

This was bad advice,  and I believe they had to compensate all the policy holders who had lost out.

beduth

GMP =. Guaranteed Minimum Pension 

xylophone

A GMP is a Guaranteed Minimum Pension.

See https://techzone.adviserzone.com/anon/public/pensions/Tech-guide-guaranteed-min-pen

There have been a couple of posts recently  indicating that while the posters had transferred out of occupational schemes, a GMP had been left within the scheme.

Did you start work with BA after 1978? 

Were you a member of the occupational pension scheme? 

Did you transfer out of that scheme into the Pearl scheme?

If you had not transferred into the Pearl scheme would you have qualified for a deferred pension when you left?

janesouthglos

beduth said:

janesouthglos said:

xylophone said:

I’m not sure if it’s a mis-sold plan? 

Back in 1988 (?) you were employed by British Airways and were a member of APS ( a Contracted Out Salary Related Pension Scheme)?

Had you been a member for a number of years? 

You opted out of the Pension Scheme (neither you nor the employer paid any more contributions) in order to contribute to a personal pension?

Did you transfer your accrued benefits to the Pearl?

Are you sure that you have no benefits (not even a GMP) left within the Scheme?

When did you leave BA?

I left ba in 1989. Not sure if anything was left with ba - what’s a gmp please?  

Back in 1988 Pearl were encouraging their agents to transfer people out of company schemes, and into a PP with the Pearl. 

This was bad advice,  and I believe they had to compensate all the policy holders who had lost out.

Really? Can this still be done? 

dunstonh

janesouthglos said:

beduth said:

janesouthglos said:

xylophone said:

I’m not sure if it’s a mis-sold plan? 

Back in 1988 (?) you were employed by British Airways and were a member of APS ( a Contracted Out Salary Related Pension Scheme)?

Had you been a member for a number of years? 

You opted out of the Pension Scheme (neither you nor the employer paid any more contributions) in order to contribute to a personal pension?

Did you transfer your accrued benefits to the Pearl?

Are you sure that you have no benefits (not even a GMP) left within the Scheme?

When did you leave BA?

I left ba in 1989. Not sure if anything was left with ba - what’s a gmp please?  

Back in 1988 Pearl were encouraging their agents to transfer people out of company schemes, and into a PP with the Pearl. 

This was bad advice,  and I believe they had to compensate all the policy holders who had lost out.

Really? Can this still be done? 

They transferred them out into what they called a Freedom Bond.  A section 32 buy out bond.  The Pearl V1 could not be used for transfers in.

janesouthglos

dunstonh said:

janesouthglos said:

beduth said:

janesouthglos said:

xylophone said:

I’m not sure if it’s a mis-sold plan? 

Back in 1988 (?) you were employed by British Airways and were a member of APS ( a Contracted Out Salary Related Pension Scheme)?

Had you been a member for a number of years? 

You opted out of the Pension Scheme (neither you nor the employer paid any more contributions) in order to contribute to a personal pension?

Did you transfer your accrued benefits to the Pearl?

Are you sure that you have no benefits (not even a GMP) left within the Scheme?

When did you leave BA?

I left ba in 1989. Not sure if anything was left with ba - what’s a gmp please?  

Back in 1988 Pearl were encouraging their agents to transfer people out of company schemes, and into a PP with the Pearl. 

This was bad advice,  and I believe they had to compensate all the policy holders who had lost out.

Really? Can this still be done? 

They transferred them out into what they called a Freedom Bond.  A section 32 buy out bond.  The Pearl V1 could not be used for transfers in.

As In being compensated for wrong policy?

xylophone

As In being compensated for wrong policy?

People who were members of good occupational pension schemes with defined benefits were encouraged to transfer their pensions to a policy with an insurance company.

See https://forums.moneysavingexpert.com/discussion/5740265/freedom-bond-section-32-policy-gmp

https://www.ftadviser.com/pensions/2017/10/13/fears-grow-for-repeat-of-1980s-pension-mis-selling-scandal/#:~:text=The pension mis-selling scandal,and take out personal pensions.&text=“We have not learned about,or the language of pensions.”

You did not have the Freedom Bond but presumably the version 1 of the Prosperity Plan.

Are you saying that you had been a member of the APS Scheme in some years between 1978 and 1989?

You stopped being a member and chose to contribute to the Pearl pension instead?

When you left BA were you given a "statement of deferred benefits"?