Missold pension many moons ago

anghar

many moons ago when I joined a large firm I was advised to join a pension scheme. at the time both final salary and money purchase were available. I naively chose Money purchase on what I can only remember "advice" from the advisor who came to my home. Obviously now 24 years later (and at 51 years of age) my MP pension is worth a fraction of my colleagues FS pension. Has anyone any advice or experience as to whether a claim can be made as being "missold". lots of my colleagues are in the same boat and our union aren't perusing the issue.

TadleyBaggie

Who was this advisor working for?

anghar

it was a company pension. Id rather not mention the firm as I'm still an employee

dunstonh

 I naively chose Money purchase on what I can only remember "advice" from the advisor who came to my home. 

Was it an adviser that gave you advice?  It doesn't sound like it from your description.   Advice is a regulated area and if you get advice from someone who is not regulated you do not have the regulatory protection that exists.

The pension administrator for the company wouldn't give advice on which pension to use.  They would give information for you to make an informed choice or for you to provide to your financial adviser for them to advise you.

 lots of my colleagues are in the same boat and our union aren't perusing the issue.

Hard to pursue the issue when a) the person is not an adviser and advice was not given and b) it was more than 15 years ago.

robatwork

Is this all from your memory/conversation or do you have anything in writing with the advisor's name/company/advice?

If the former I highly doubt you've got a valid claim although obviously the advice has an infinitesimal chance of being correct at the time.

Marcon

anghar said:

many moons ago when I joined a large firm I was advised to join a pension scheme. at the time both final salary and money purchase were available. I naively chose Money purchase on what I can only remember "advice" from the advisor who came to my home. Obviously now 24 years later (and at 51 years of age) my MP pension is worth a fraction of my colleagues FS pension. Has anyone any advice or experience as to whether a claim can be made as being "missold". lots of my colleagues are in the same boat and our union aren't perusing the issue.

Hindsight is a wonderful thing - but as you made your decision nearly a quarter of a century ago, it's quite possible that at the time, it would have made a lot of sense, depending on your priorities at the ripe old age of 27 and what you told the adviser was important to you. Many people in your age bracket would have done exactly the same at the time, and the 'advice' you received (assuming it was regulated advice) could well have been a perfectly reasonable choice.

I wonder why you've left it so long to query?