Claiming Pension while disputing advice

WispyMisty

I am in the middle of collating information on an old workplace pension, especially on the advice given when I changed employment, as I believe it was bad advice. I intend seeking recompence for this, via Ombudsman if necessary.
However, current financial situation means that I need to claim what pension there is, whilst this process is ongoing. 
I'm wondering how to word my communication with the company's trustees to show I will likely be persuing a complaint, so as not to jeopardise it going forward. In essence I'm worried that if I start claiming the pension it will look as if I accept the amount to be correct. 
Many thanks for any advice. 

Albermarle

WispyMisty said:

I am in the middle of collating information on an old workplace pension, especially on the advice given when I changed employment, as I believe it was bad advice. I intend seeking recompence for this, via Ombudsman if necessary.
However, current financial situation means that I need to claim what pension there is, whilst this process is ongoing. 
I'm wondering how to word my communication with the company's trustees to show I will likely be persuing a complaint, so as not to jeopardise it going forward. In essence I'm worried that if I start claiming the pension it will look as if I accept the amount to be correct. 
Many thanks for any advice. 

There a quite a few knowledgeable people on this forum. I suggest posting some details of what was the bad advice you received and the detail surrounding it. You may then receive some wider advice on the situation, rather than just the specific question you posed.

Exodi

Are you saying the workplace pension trustees gave you financial advice?

dunstonh

I am in the middle of collating information on an old workplace pension, especially on the advice given when I changed employment, as I believe it was bad advice. I intend seeking recompence for this, via Ombudsman if necessary.

Was that advice from an adviser or information from a provider (providers/administrators rarely give advice and tell you to seek it if needed)?

However, current financial situation means that I need to claim what pension there is, whilst this process is ongoing. 
I'm wondering how to word my communication with the company's trustees to show I will likely be persuing a complaint, so as not to jeopardise it going forward. In essence I'm worried that if I start claiming the pension it will look as if I accept the amount to be correct. 

This makes it sound like it is currently in a defined benefit scheme.  
Commencing the pension shouldn't change the outcome unless your complaint is your method of draw is relevant to the complaint itself.  e.g. you are complaining that you didn't want to use drawdown in retirement but then using drawdown as the method.

So, it really depends on the context.

WispyMisty

Thanks for your replies so far. 

Basically it was a works scheme with 9 years contributions. When I changed to working at a Local Authority I had a call from the Pension Fund (back in the late 80s) they told me I had to withdraw funds to transfer into the LA scheme.

I duly withdrew funds as advised was necessary and then asked my new scheme to accept them but they said it had to be a direct transfer due to tax legislation. 

I was annoyed at the time but didn't realise exactly what had gone wrong not being particularly academic. I've now received a statement from the first scheme I was in and it offers me an annual pension of under £500!?! For 9 years contributions!

Looking back I can see that the advice I was given was completely wrong and it feels like they just wanted rid of me being a deferred pension and they were changing trustees at the time. Also it was around the time of SERPS issues.

I have some paperwork from that time and am just waiting for more copies to come through. 

MallyGirl

how are you getting any pension at all if you have withdrawn the funds? 

WispyMisty

MallyGirl said:

how are you getting any pension at all if you have withdrawn the funds? 

As best as I can remember there was a reason a small amount was left in - they basically told me what needed doing rather than me getting advice - and it is that amount that has given the small amount (less than £500 a year) and no lump sum alternative. 

Albermarle

What happened to the money you did withdraw? 

FIREDreamer

Where did you withdraw the funds to in the late 80’s?

You certainly couldn’t, with 9 years service, take the funds out in cash.

WispyMisty

Albermarle said:

What happened to the money you did withdraw? 

They paid it direct to a bank account which is why my new employees couldn't transfer it into my new pension. 

WispyMisty

FIREDreamer said:

Where did you withdraw the funds to in the late 80’s?

You certainly couldn’t, with 9 years service, take the funds out in cash.

They paid it directly to me, which is why my new employees couldn't accept it