missold pension

mumdoeseverything

hi, i wondered if anyone can help.
My late father asked for some financial advise from a financial advisor. He wasn't well as he had kidney failure and wanted to invest his money wisely, taking the money from his and my mother joint bank account. The advisor told him to invest it in his pension ha already had up and running. He agreed to do this on the trust that this was the best advice for both himself and my mother.
4 years later my father died and we have since found out that his pension died with him, (this is not what he wanted) we also found out it was an annuity pension. My mother and father were under the impression that after my fathers death the monies would go to my mother. Therefore i believe the advice given was totally the wrong advise. i do not believe he would have invested like this if he knew my mother would not receive any money, he would have simply left it in their joint bank account. We have also found out the financial advisors are no longer trading.
We have requested my fathers pension plan off the pension provider 5 times not received any paperwork to this day, even though they claim they have sent it twice.
We don't know what to do or if we can recover any money.
where can we go for help?

kuratowski

Earlier thread here

https://forums.moneysavingexpert.com/discussion/6294103/wrong-financial-advice-concerning-annuity-pension

dunstonh

Ok, I have read the other thread and there are some inconsistencies in the information. Possibly due to terminology but I will give it a stab....

 The advisor told him to invest it in his pension ha already had up and running.

That would normally be considered a good thing.  Employer schemes are unlikely to go wrong and have mainstream options ideal for an inexperienced investor or someone not strong with financial matters.

4 years later my father died and we have since found out that his pension died with him, (this is not what he wanted) we also found out it was an annuity pension

An annuity is one of the options you can buy when you retire.   You exchange the pension fund for a guaranteed income for life.    Those that live a long time get better value for money than those that life for a short time.   It is possible to buy a spouse pension and have various options with the death benefits

There was a major change in 2015.   Prior to 2015, the annuity method was the main method and death options were much more limited.   Basically, nearly everyone with a fund of less than £100,000 would go into an annuity when they wanted to draw an income.   After 2015, there were other options but they were mainly for people with over £100,000 and/or significant other guaranteed income who could use their pensions less for income but for other means or they didnt need to draw much from their pension.

So, we need some more information
1 - When was the annuity bought? (lets us know if it was before 2015 or after)
2 - When did your father die?
3 - how much was pension fund value that bought the annuity?
4 - was 25% tax free cash taken from the fund before the annuity (usually is)
5 - Is the pension continuing to be paid to your mother as income?
6 - Did the adviser arrange the annuity or the pension or both?
7 - Death benefits on annuities reduce the level of income payable.   People often drop the death benefits on pension to take the higher income. Often overriding the adviser.    Did the adviser recommend death benefits or not?   Did your father decide not to take the death benefits in exchange for a higher income?
8 - What was the annuity income level?

That should give us enough to get a good picture of what may have happened.

We have requested my fathers pension plan off the pension provider 5 times not received any paperwork to this day, even though they claim they have sent it twice.

The original pension provider wouldn't know anything about the annuity unless they are the annuity provider.    The annuity provider only receives an application in the post.  They wont know much about why your father bought it.