Old Pension Agreement

beduth

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.

Lump sums were placed into the Freedom bond ( section 32). The customers were told they would have a larger pension if they left the company scheme, and then did a PP with the Pearl.