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Abbey Life Pension - Bad Advice
Maff1303
Posts: 2 Newbie
When my wife started a new job in Sept 1999 she was given the opportunity to join the Employer's Benefits Scheme. All the paperwork for this scheme was given to the adviser and his advice at the time was to stick with her existing Hill Samuel Personal Pension and increase her contributions and not to join the Employer's Benefits Scheme. My wife is still employed with this company and the Employer's Benefits Scheme would of given her a Final Salary Pension. She feels she has been badly advised. Who should she be writing to complain.
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When my wife started a new job in Sept 1999 she was given the opportunity to join the Employer's Benefits Scheme. All the paperwork for this scheme was given to the adviser and his advice at the time was to stick with her existing Hill Samuel Personal Pension and increase her contributions and not to join the Employer's Benefits Scheme. My wife is still employed with this company and the Employer's Benefits Scheme would of given her a Final Salary Pension. She feels she has been badly advised. Who should she be writing to complain.
Initially, the advisor who advised her to stick with her old scheme and not join her employer's final salary scheme. Was the advisor independant, or was he/she linked to Hill Samuel in any way?
ADD: Looks like Hill Samuel was/is part of Lloyds. Did the advisor work for Lloyds?0 -
When my wife started a new job in Sept 1999 she was given the opportunity to join the Employer's Benefits Scheme. All the paperwork for this scheme was given to the adviser and his advice at the time was to stick with her existing Hill Samuel Personal Pension and increase her contributions and not to join the Employer's Benefits Scheme. My wife is still employed with this company and the Employer's Benefits Scheme would of given her a Final Salary Pension. She feels she has been badly advised. Who should she be writing to complain.
I wouldn't raise your hopes too much. She has had many years in which to raise a complaint/set remedial action in train (e.g. ask to join her employer's scheme). Whether any complaint would be upheld would very much depend on whether she used a regulated adviser and what she said were her priorities. For instance, if she wanted flexibility and wasn't sure if she planned to stay with her new employer for more than a short time, the advice may well have been sound.0 -
The adviser worked for Hill Samuel at the time. She still has all the original paperwork and still thinks it is worth complaining. Who does she complain to.0
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Hill Samuel were tied. So, the complaint would go to Phoenix as above.0
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