Clerical Medical Pension moved my funds without my consent

Pensioner_1959

In 2019 part of my pension funds with profits was moved out of my fund against my wishes or consent as I had reached normal retirement age-in this case, 60 years old. 

They claim they wrote to me informing me that if I did not respond to their letter, which I never received they would switch my funds to a cash account. Suffice to say, they just went ahead  without my consent or permission. I have raised this again with the company but they refuse to listen and told me to write to the Ombudsman. 

Fair ? Not really, but am I only one? If you've had similar issues kindly let me know as I'm aware they have settled this type of complaint in the past, but play hard ball with others. How can they just move your funds without permission. No phone calls - No recorded delivery or follow up which would demand a response from me.  NADA


Thanks in advance for your response.

dunstonh

In 2019 part of my pension funds with profits was moved out of my fund against my wishes or consent as I had reached normal retirement age-in this case, 60 years old. 

They wouldnt have moved it against your wishes.  They follow defined processes or take instruction unless its a fund closure.  In the case of fund closure, they would replace on a like-for-like basis and would notify you in writing.

What you describe lifestyling (risk reduction) as you get closer to the scheme age.  You would have to be in a lifestyling strategy for that to happen.  It would not happen on a self-selection of funds.  

Marcon

Pensioner_1959 said:

In 2019 part of my pension funds with profits was moved out of my fund against my wishes or consent as I had reached normal retirement age-in this case, 60 years old. 

They claim they wrote to me informing me that if I did not respond to their letter, which I never received they would switch my funds to a cash account. Suffice to say, they just went ahead  without my consent or permission. I have raised this again with the company but they refuse to listen and told me to write to the Ombudsman. 

Fair ? Not really, but am I only one? If you've had similar issues kindly let me know as I'm aware they have settled this type of complaint in the past, but play hard ball with others. 

I wonder how you are 'aware' of what you think it the case - and in particular, whether you have detailed knowledge of each complaint you are 'aware' of? Bear in mind that a provider's response is going to vary depending on the precise circumstances; it's not some sort of lottery in terms of how they deal with complaints. 

Pensioner_1959 said:

How can they just move your funds without permission. No phone calls - No recorded delivery or follow up which would demand a response from me.  NADA

Why would they use recorded delivery (now known as 'signed for') for routine correspondence?

Have a look at (say) https://www.financial-ombudsman.org.uk/decision/DRN-5031920.pdf and you'll understand why Clerical Medical may very well be 'in the right' in respect of your pension - unless, of course, you have clear evidence to the contrary. Do you?

Pensioner_1959

I appreciate your expert advice and wonder how you are so well versed in this particular subject.

QrizB

I appreciate your expert advice and wonder how you are so well versed in this particular subject.

It's simply how pensions work.

Pension companies will follow your last instructions, unless the law changes to revent them from doing so. If you've told your pension company that you intend to retire at 60, and your investment pathway says that a qualtity of your pension will be de-risked as you approach your retirement age, that's exactly what your pension company will dounless you tell them otherwise.

All pension schemes come with a set of default options that the company will inform you of when you join, and will then follow unless you tell them to do soething different.

And pension companies send routine correspondence by normal post.

The responsibility lies with you, the pension account holder, for making sure that the instructions you have given your pension company are correct for your own circumstances. It sounds as though you may have neglected those responsibilities.

Pensioner_1959

https://forums.moneysavingexpert.com/discussion/comment/81860416#Comment_81860416

The only problem I have is that the pension company wrote to me and did not give me the opportunity of staying in the fund. Even now i've not taken anything from it as it remains on cash deposit-which is against my wishes

Pensioner_1959

Sorry i should have said that I never received any written material from the company and as a result and according to them I missed out

QrizB

https://forums.moneysavingexpert.com/discussion/comment/81902038#Comment_81902038

Are you saying that when you started the pension, and in all the intervening time since then, the pension company has provided no information in writing at all? This would be most irregular.

Normally, when you start a pension you'd tell the pension company your intended retirement age and would agree what the pension company should do with your funds when you approach that age. You can then review and update those details as you progress through your working years and get closer to retirement.

My assumption is that, at some stage, you told Clerical Medical that you intended to retire at 60 and you agreed that, when you gotto that age, they should switch your investments to a cash fund. I.m also assuming that you didn't agree any changes to this and that, as your 60th birthday approached, Clerical Medical continued with the agreed sale of your investments.

Normally this would all be recorded in writing and I would expect you to have been provided with copies of those documents at the time.

MeteredOut

https://forums.moneysavingexpert.com/discussion/comment/81902038#Comment_81902038

Have you moved since you started the policy? Have you checked what contact information they hold for you? Is your address/email up to date with them?