Scottish Widows

SimonGrenshaw

I am having a lot of problems with my Scottish Widows personal pension. It is 2 years and 5 Months since payments should have started and you just couldn't make up the level of incompetence that I have encountered. They have been the worst company ever and although they have come up with a settlement plan now, I have no way of checking their figures as I don't have a first degree in maths but I'm pretty sure they have made another big mistake as I'm convinced that the money is short even allowing for tax being taken off the amount. I have asked the pension ombudsman to check the figures but they are very busy and I would have to make an official complaint filling out lots of forms etc. Meanwhile Scottish Widows are steaming ahead with their solution without even consulting me. They just send me letters about what they are going to do and have put some money into my account. I need someone to check the figures and work out the interest and what compensation I should get. I really can't cope with all this at my age as I have neurological problems. I just want this over with as it has been a drag on our lives the last two and a half years.

dunstonh

 Meanwhile Scottish Widows are steaming ahead with their solution without even consulting me. 

That is correct.   Calculations will be most defined and not open to discussion.

 I need someone to check the figures and work out the interest and what compensation I should get. I really can't cope with all this at my age as I have neurological problems. 

You would need to employ an actuary, and you would be responsible for the cost.

If you used an IFA in the process, you could ask them to check the figures.  Whilst they would not have the software available to calculate it, they would be able to understand the methodology and whether it is accurate or not.  SW will present the breakdown.

RedDevil1974

Hi, there is a Scottish Widows Complaint Platform that has over 1700 members on Facebook, a chap called Mark Kent runs it and looks to help people. There are LOTS of similar issues being reported by various people on this platform, take a look if you can.

SimonGrenshaw

Thank you RedDevil, most helpful, looks like this will be my best bet.

Dunstonh you say (Calculations will be most defined and not open to discussion) as Scottish Widows has already upheld my complaint about their dodgy calculations then I think everything is up for discussion because I made an important decision on wrong information that they gave me, and from what I see on facebook they certainly have a bad habit of doing so.

dunstonh

Dunstonh you say (Calculations will be most defined and not open to discussion) as Scottish Widows has already upheld my complaint about their dodgy calculations then I think everything is up for discussion because I made an important decision on wrong information that they gave me, and from what I see on facebook they certainly have a bad habit of doing so.

That facebook page doesn't mean anything.  Large companies have larger volumes of complaints.  SW certainly have had issues with their systems but having had a quick look at that facebook group, there seems to be as much confusion by the posters expecting SW to do things they are not there to do as well as some genuine issues.

The bottom line is that if you want an independent checker then you will need to foot the bill for that.

SimonGrenshaw

Lucky for me then as my son in law is an actuary.

xylophone

Lucky for me then as my son in law is an actuary.

I am not casting aspersions on your SIL's professional competence and ethics BUT will SW accept the figures provided by a connected person?

SimonGrenshaw

I don't see why not facts are facts.

xylophone

I don't see why not facts are facts.

It might be as well to ask your SIL's opinion on the ethics.

Is there a reason why you have not already asked him to cast an eye over SW calculations?

Albermarle

SimonGrenshaw said:

I don't see why not facts are facts.

When it comes to financial matters, compensation etc. facts can be interpreted differently depending on which side of the fence you sit on.
It sounds like there is no harm though in your SIL looking at the figures for your own info. Whether it then will be a good idea to pursue it further is up to you.