Pension mismanagement, advise needed

debrabird

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

pip895

debrabird said:

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

So Yes you sold everything...  Very unfortunate that..

Dox

debrabird said:

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

Why have you left it like that? Unless you were (?are) about to cash in the lot, it's unlikely to be a good strategy - if you can even call it a strategy.

kangoora

debrabird said:

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

Well, there's definitely been some pension mismanagement............

AnotherJoe

debrabird said:

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

What do you mean, "no" ? So You sold the underlying investments and have left them as cash? They didn't turn into cash by magic.  Had you left them alone it's likely they would have substantially recovered in value and possibly even be worth more now. 

Unless you received advice to do that I don't see how you expect to get recompense. It was seemingly your decision alone to sell the investments and leave them as cash. 

debrabird

AnotherJoe said:

debrabird said:

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

What do you mean, "no" ? So You sold the underlying investments and have left them as cash? They didn't turn into cash by magic.  Had you left them alone it's likely they would have substantially recovered in value and possibly even be worth more now. 

Unless you received advice to do that I don't see how you expect to get recompense. It was seemingly your decision alone to sell the investments and leave them as cash. 

This is partially true, however the substantial loss occurred, after I had requested that the pension be put on hold (held with the pension company at its cash value) whilst the complaint process unfolded, so that I could eventually move pension company. The loss occurred after I had made this request, which was not carried out, so had they fulfilled my request, then I would not have lost this money, therefore I feel that this direct mistake, on their part (caused as a result of the initial mismanagement), Is the reason I lost so much money. Surely, I should be compensated for a loss that wouldn’t have occurred had the pension actually be ‘paused’.

Responses are greatly appreciated.

AnotherJoe

So thats different to your initial complaint, but maybe you do have a leg to stand on due to their tardiness / ignoring your request to sell up.

OTOH from your initial post you did nothing for nearly a year to get them to go into cash.

What was the value in May 2019 and how does that compare to the value when you did eventually sell?

Brynsam

debrabird said:

AnotherJoe said:

debrabird said:

AnotherJoe said:

By "froze" do you mean "sold everything" ?

No, it’s turned into cash, and frozen at the amount it was worth at that point.

What do you mean, "no" ? So You sold the underlying investments and have left them as cash? They didn't turn into cash by magic.  Had you left them alone it's likely they would have substantially recovered in value and possibly even be worth more now. 

Unless you received advice to do that I don't see how you expect to get recompense. It was seemingly your decision alone to sell the investments and leave them as cash. 

This is partially true, however the substantial loss occurred, after I had requested that the pension be put on hold (held with the pension company at its cash value) whilst the complaint process unfolded, so that I could eventually move pension company. The loss occurred after I had made this request, which was not carried out, so had they fulfilled my request, then I would not have lost this money, therefore I feel that this direct mistake, on their part (caused as a result of the initial mismanagement), Is the reason I lost so much money. Surely, I should be compensated for a loss that wouldn’t have occurred had the pension actually be ‘paused’.

Responses are greatly appreciated.

So what is the basis of FOS finding for the pensions company? There has to be more to it than this.

Marcon

debrabird said:

dunstonh said:

This was taken to the ombudsman in May 2019, and was waiting for there outcome, all this time, I had no advisor and no help whatsoever, when the markets dropped with Covid, my cautious fund, lost a lot of money, a lot more than I think a cautious fund should have lost.

And did it go up again after the markets recovered?

The ombudsman first decision is finding  for the pension company, which I have now, objected to, so it now going to a final decision.

This bit is confusing.    The company agreed to some redress but you turned it down as you wanted more.   The FOS has now ruled against you.  Is that in the whole outcome (i.e. you get nothing) or that the company's original offer was considered suitable?

 So much injustice has gone on here.

What injustice do you perceive?    It is unclear from your post as you appear to have been offered compensation but rejected it because you wanted more.    What exactly is the issue that is causing you problems?

Hi, because of having no advisor, I panicked and froze the fund, which is still the situation 
The company agreed at the very beginning to some redress, but I wanted the finders fee, also returned, they said no, and to take it to the ombudsman, which I did in May 2019.
So I have waited all this time for them to investigate the case, rightly or wrongly.
As far as the pension provider is concerned, the advisor had not actioned, any of my requests, to the draw down pension, I was a vulnerable client, as I had just gone through a very traumatic divorce, and he had lied and said they had been actioned, when he had done nothing of the sort, this left me in financial trouble, the trust with him and the company had been lost.
Hope this makes more sense.

This doesn't seem to tie up with your latest post. Not clear if you are complaining about the advisor or the pensions company.

If the situation is as simple as you describe - you asked for all your pension funds to be moved to a cash fund and no action was taken, and as a direct result of the lack of action you lost a lot of money - don't you think the ombudsman might have agreed with you?

debrabird

AnotherJoe said:

So thats different to your initial complaint, but maybe you do have a leg to stand on due to their tardiness / ignoring your request to sell up.

OTOH from your initial post you did nothing for nearly a year to get them to go into cash.

What was the value in May 2019 and how does that compare to the value when you did eventually sell?

That is true, however the loss of money is as an eventual result of the first issue, as it occurred whilst waiting for the FOS decision, but yes, the direct cause being that the request to put the pension on hold was not actioned. The loss was in excess of £40,000 (that is not a typo). I have a letter acknowledging my request to put it on hold. However I’m unsure as to wether this is enough to get they money back.