Financial Assistance Scheme Pensions

meditation

I paid into a company pension for over 30 years. My pension fund is in the process of winding up. I left the company in 2000 and stopped paying.

Recently I have left the pension fund and taken an annuity with an insurance company. I am 57 and am retired. This annuity is only a small amount but I decided to take it.

Now I have found out that the trustees of the pension fund have sent members details to the Financial Assistance Scheme as members will be entitled to payment by this scheme.

As I have left the pension fund does this mean that I have blown my chances of getting any Government top up from F A S ? I was a member during the wind up process.

Any advice would be appreciated thanks.

peterbaker

I sympathise. I am 50 (not yet retired) and at every turn when wind up of two or three of my previous pension schemes has been notified I have protested to the trustees, employer and 'IFA' (sic) involved and just watched as they dared to default my depleted funds against my wishes into other vehicles.

It remains to be seen whether my route or yours will be the fastest route to a just compensation over the next few years. I am sure the whole thing will get rolling very quickly now. Your situation is surely not unlke the position of missold endowment policyholders who reluctantly surrendered their policies before ultimately realising they could still probably secure compensation. That scandal was also a moving feast ... slow to start but then avalanching ...

Happy Christmas :santa2:

dunstonh

Your situation is surely not unlke the position of missold endowment policyholders who reluctantly surrendered their policies before ultimately realising they could still probably secure compensation.

Its not similar because endowment complaints were against advisers based on an issue that took place at point of sale (i.e. risk attitude deciding whether repayment or endowment should be chosen). Plus endowments were an area covered by the FSA.

Even if it was the same and it was possible to claim using the FSA complaints process it wouldnt be upheld for the following reasons:
1 - its a hindsight event. There was no way to tell what would happen in the future.
2 - the OP is retired so commencing benefits matched the requirement.
3 - the OP chose to do it. He was not advised to do it.

I think point number 2 would be the real killer there.

peterbaker

Hi DH ... I think you know that the 'endowment misselling' scandal was largely laboured under a misnomer.

It too was far more about broken promises by boards of directors, than anything done or not done by the players in the nation's front parlours who provided the pen for the signing of the original dotted lines.

All my endowments were pre-1988 sold. As such they were supposedly not covered by FSA.

I was a pathfinder compensation claimant and succeeded because I knew what buttons to press to make a point. Others followed and non-FSA covered claims were routinely accepted by the end of it, were they not?

I am sure you are right that the OP is not in the best position to succeed with a claim but second or third best might do after this scandal has been rolling a few months.