Two pensions in pearl

crispdust

Hi all, Just a quick question.
I've been on a financial crackdown and have started on my partners finances.
She has 2 pensions with Pearl. The first was taken out in 1998. In 2000 the pearl man visited again and advised her that she needed to add more. This she did.
However, as I'm going through the statements it's clear that instead of increasing the payment in the existing pension, a new pension was created. But as far as I can tell the products are the same. Is there cause for lodging a complaint against pearl or its advisor for this?
In any case it looks as though putting the money into a badly performing current account would be better than keeping it where it is!

Thanks,
Crispdust

dunstonh

However, as I'm going through the statements it's clear that instead of increasing the payment in the existing pension, a new pension was created. But as far as I can tell the products are the same. Is there cause for lodging a complaint against pearl or its advisor for this?

You wanted a pension top up and you got a pension top up. There is no grounds for complaint. 1998 would probably be the Pearl V2 pension whereas the 2000 one would be either a V3 or a V4. Many pension providers will not let you top up old obsolete pensions. Tied agents arent allowed to recommend switching from old products to newer better ones but IFAs are. Pearl were tied agents so the advice was fine within their remit.

In any case it looks as though putting the money into a badly performing current account would be better than keeping it where it is!

It is almost certainly better in an alternative pension. Most Pearl pensions are apart from some pre 1988 versions.