True Potential redress offer

topsy73

I also have received a redress offer….1/30th of what was lost in the 42 months I was with them. I transferred funds over upon the advice received from our long standing IFA six months after the passing of my late husband. It was COVID, we were in lockdown, he was retiring….I was worried if I left the existing funds in my bank I would only be covered for the 80k covered by the FCA….anyway after 42 months (approx) of logging into the app daily and seeing it pretty much always in deficit, I chose to close the account as losing 30k is not an easy amount to swallow as a widow…it still makes me smart when I think of the amount lost so to receive an offer (unexpected) is nice however barely touches the loss. Upon reading these comments though (I had been searching all weekend for peoples experiences and responses) it appears I should accept and be happy with the amount sent over….

dunstonh

https://forums.moneysavingexpert.com/discussion/comment/81970595#Comment_81970595

Despite all the TP issues, nothing they offer is non-mainstream and their returns are in the ballpark of expectation for the asset classes.

There has been no 42 months (or thereabouts) period of loss in any asset class. Only gilts and index linked gilts come close to that but that was from Nov 2021 to October 2023. Equities have been positive in every year apart from 2022.

it still makes me smart when I think of the amount lost so to receive an offer (unexpected) is nice however barely touches the loss.

The redress is not there to cover investment losses. It is effectively to cover the difference in loss to what you would have had if you had not transferred. (as much as it is possible to calculate such things)

On the plus side, if you bought an annuity with the pension, you would have seen a massive increase in the annuity rate and would not actually be any worse off. if you cashed it in and paid tax on it, then that was unncessary and could have been avoided.