Old Mutual pension

alt2024

Whilst in a job long since vacated a very long time ago, I took the company pension scheme. After contributing for a month, I unexpectedly got offered another job and moved on. 

This pension, originally with HSBC, moved around a lot and eventually settled with Old Mutual. I updated my address with them when I moved to my current address and last had correspondence from them in 2013.

When I was rationalising my various pensions records this year, I realised I'd not heard from them in years and called to enquire about this.

I was informed that my pension had been closed as it was a 'ghost account'. I wasn't able to get any more information about this as they seemed to have no records.

I'm a bit miffed about this, despite there being only a tiny amount of money held. People leave company pension schemes all the time when they move jobs. Why was this closed?

Marcon

alt2024 said:

Whilst in a job long since vacated a very long time ago, I took the company pension scheme. After contributing for a month, I unexpectedly got offered another job and moved on. 

This pension, originally with HSBC, moved around a lot and eventually settled with Old Mutual. I updated my address with them when I moved to my current address and last had correspondence from them in 2013.

When I was rationalising my various pensions records this year, I realised I'd not heard from them in years and called to enquire about this.

I was informed that my pension had been closed as it was a 'ghost account'. I wasn't able to get any more information about this as they seemed to have no records.

I'm a bit miffed about this, despite there being only a tiny amount of money held. People leave company pension schemes all the time when they move jobs. Why was this closed?

Some more info would help if you can remember anything.

• When were you in this job? Given you were only there for a year, hopefully you can recall which year that was!
• You say it was a 'company pension scheme', but could it have been a group personal pension of some description?

dunstonh

This pension, originally with HSBC, moved around a lot and eventually settled with Old Mutual. I updated my address with them when I moved to my current address and last had correspondence from them in 2013.

HSBC's pension book wasnt sold to Old Mutual.  So, it must have been manually transferred if it was transferred at all.   HSBC sold their book to ReAssure.    ReAssure also bought the Old Mutual Wealth Life pension book several years ago.    However, Old Mutual Wealth platform pensions were retained and and rebranded to Quilter.

Back then, OMWL policy numbers would have started PP.   OMWP would have started 40.

I was informed that my pension had been closed as it was a 'ghost account'. I wasn't able to get any more information about this as they seemed to have no records.

I'm a bit miffed about this, despite there being only a tiny amount of money held. People leave company pension schemes all the time when they move jobs. Why was this closed?

These pensions existed on paper only and were never paid into.  They existed to comply with the legislation of the time.  So, that does not tie in with your belief that the HSBC pension was transferred to it.

DRS1

You contributed for one month?  Do you think you might have got a refund of that contribution when you left?  If so there is no pension.

Marcon

DRS1 said:

You contributed for one month?  Do you think you might have got a refund of that contribution when you left?  If so there is no pension.

If it was an occupational scheme that's the most likely outcome - hence my question above.

Had it been a personal pension, then vesting would have been immediate - but if there had only ever been one month's contributions paid in, and this was an old-style contract, fees could have simply wiped out the pot within quite a short period of time.

alt2024

Thanks for the replies. The pension was indeed a group personal pension. Can't explain why it's with Old Mutual, as I'm sure it was originally with HSBC. The job in question was in 1998. The plan number begins with EP rather than PP.

As off the last correspondence I had from OM in 2015, the was a plan value £115. If any money was refunded, I've had no correspondence from them. Anything pension related, especially something like that, I'd keep in my records.

dunstonh

Can't explain why it's with Old Mutual, as I'm sure it was originally with HSBC. The job in question was in 1998. The plan number begins with EP rather than PP.

EP and 1998 would have originally made it a Skandia Life pension.     Skandia (like OMW that came later) had no relationship with HSBC.

As off the last correspondence I had from OM in 2015, the was a plan value £115. If any money was refunded, I've had no correspondence from them. Anything pension related, especially something like that, I'd keep in my records.

I suspect you had capital and accumulation units where the first x number of years would go in fees.   In the early years you pay into units which would then be cancelled over a period of time to spread the initial cost.  Then when you get past a point, you pay into cheaper units which would not have any of the initial costs factored into it.   If you stopped paying in during those early years and never paid any into the later cheaper units. You would find the value would run down to zero.

Bighitter32

alt2024 said:

Thanks for the replies. The pension was indeed a group personal pension. Can't explain why it's with Old Mutual, as I'm sure it was originally with HSBC. The job in question was in 1998. The plan number begins with EP rather than PP.

As off the last correspondence I had from OM in 2015, the was a plan value £115. If any money was refunded, I've had no correspondence from them. Anything pension related, especially something like that, I'd keep in my records.

Probably have to consider the effort exerted versus the likely reward…. I guess the hunt and personal satisfaction may go some ways but seems like your potential outcome may be dwarfed by the time spent chasing…. If not, happy hunting.