Mis-informed on pension

Calomi

Back in 1992 I was informed that the employer that I left if they could find me when I retired I would get back what I paid. So was advised to reinvest it. Which I did. Pension wise informed last year that was wrong advice. Trying to claim compensation for this wrong advice but they are telling me that because it was pre1995 I don’t have a claim. 

Dazed_and_C0nfused

Your post is a bit confusing.

You left a job in 1992.

You paid into a pension with this employer?

How did you reinvest this pension money?

What has happened to your pension?

Calomi

Sorry, if it’s confusing. Yes left 1992 and pension pot was reinvested with a private company, I still have the pension and it has grown over the years but not as much as I was left to believe back in 1992.  Apparently according to pension wise when it was reinvested I lost benefits that went with it, ie husband entitled to it if I died etc 

dunstonh

Pension wise informed last year that was wrong advice.

Pensionwise staff are not qualified or authorised to give advice.  

 Trying to claim compensation for this wrong advice but they are telling me that because it was pre1995 I don’t have a claim. 

There was a pension review carried out from 1995 that required all cases sold between 1988 and 1995 to be proactively reviewed on suitability.  it was a major exercise but it means that any pre 1995 that completed the review at that time cannot be complained about now as it is barred.

and it has grown over the years but not as much as I was left to believe back in 1992.  

It wouldn't have done.  Returns in the 90s looking backwards were higher than today gross of inflation.   net of inflation, they are broadly similar.   

Apparently according to pension wise when it was reinvested I lost benefits that went with it, ie husband entitled to it if I died etc 

That is far too simplistic and potentially inaccurate depending on the scheme you were in.     For example, if you were in a DB scheme (which it sounds like) then your spouse would have got 50% of your income for the remainder of their life.  Whereas if you are in a money purchase pension, your spouse gets the full value of the pension fund.   

hyubh

Calomi said:

Back in 1992 I was informed that the employer that I left if they could find me when I retired I would get back what I paid. So was advised to reinvest it. Which I did.

What exactly was transferred out into the money purchase arrangement? Your wording implies you never had a pension benefit, in the sense of an income in retirement, in the first place. This is possible (a 'deferred refund' in the final salary LGPS would fit), though it seems hard to believe an invested transfer value would come to less than the original employee contributions, even with interest to age 65 or whatever applied...?