mineworkers pension

Tony3042

When i was made redundant in 1990,.
I was advised to move my mineworkers pension.
I thought this was only the lump sum & my weekly pension would still come from the MPS when i retire.
I am now being told that everything was reinvested. 
Is this correct ?

Marcon

Tony3042 said:

When i was made redundant in 1990,.
I was advised to move my mineworkers pension.
I thought this was only the lump sum & my weekly pension would still come from the MPS when i retire.
I am now being told that everything was reinvested. 
Is this correct ?

Yes. You transferred the whole of your benefits to another provider and will have signed forms to confirm that is what the MPS should do with your benefits. It wouldn't have been possible to transfer part of your benefits. The 'lump sum' you moved was in fact something known as the Cash Equivalent Transfer Value (CETV). A CETV covers all of a member's benefits.

Whether it was good advice is quite another matter. Do you remember if your transfer was reviewed as part of the mis-selling reviews at the end of last century/early in the 2000s?

You may still be able complain to the firm which gave you the advice, assuming it was regulated (rather than a mate down the pub, or similar), although you need to be aware that there is no guarantee your complaint will succeed. A word with https://www.moneyhelper.org.uk/en/pensions-and-retirement/pension-problems for some free, impartial and expert guidance on what to do next is probably your best bet.

Tony3042

Thanks for that.
i have already taken legal advice on my transfer.

xylophone

You may still be able complain

The OP hasn't yet expressed dissatisfaction with his decision...

OP, how long had you been in the scheme and how old were you then?

How much was the CETV transferred?

Where is your pension held now?

What is the value of the pension now?

How and when are you planning to access the pension?

Have you obtained a state pension forecast?

https://www.gov.uk/check-state-pension

Marcon

xylophone said:

You may still be able complain

The OP hasn't yet expressed dissatisfaction with his decision...

Obvious from the original post and now confirmed:

Tony3042 said:

Thanks for that.
i have already taken legal advice on my transfer.

Not really much point OP posting further info here. Nobody is going to be able to set his mind at rest that it was a marvellous decision etc if he didn't even understand what was happening.

xylophone

Obvious from the original post and now confirmed:

It didn't seem so to me - and his comment re legal advice must have been posted at the same time as I was typing mine.

Not really much point OP posting further info here. 

He might be interested in further comment (and the information might be of interest to other forum members.

And a reminder re SP forecast (if not already obtained)  could be timely.

Tony3042

thanks for all the help.
no I wasn’t happy with the original advice.
after my legal advice I was less happy with the advice.
especially because I am sure I was told only my lump sum would be transferred &
my weekly pension could not be moved.

dunstonh

i have already taken legal advice on my transfer.

Why?  That is an expensive thing to do.  (unless it isn't real legal advice but an ambulance chaser)

You may still be able complain to the firm which gave you the advice, assuming it was regulated (rather than a mate down the pub or similar), although you need to be aware that there is no guarantee your complaint will succeed. 

All pensions sold between 1988 and 1994 had to go through a proactive mandatory review on the sale.     Whilst a very small number didnt complete that process the vast majority did. If it did, the outcome at the time would prevent any revisit to it nearly 30 years later as it would be barred from both financial services regulated protections and legal avenuies.

Of course, if the OP has sought proper legal advice they would have been told this.