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Mis sold pension
Misslinzi
Posts: 2 Newbie
Hi my husband who is an ex miner when all the pits closed years ago a lot of ex miners went on to work for the likes of pearl assurance and prudential etc . Anyway he was made to believe that he was doing the right thing and was advised to transfer from mine workers pension to pearl / Phoenix life we have only recently been made away that he may have been missold his pension just wondering how do we go about this any help would be much appreciated thank you
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Comments
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In what way miss sold.
'Made to believe' means nothing. Does he have any paperwork to back this allegation upmake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
In what way miss sold.
The OP's spouse had an MPS pension which was a defined benefit scheme.
It seems that he was persuaded to transfer out into a policy with an insurance company (Pearl) which has now been taken over by Phoenix Life.
Some old information here
https://www.financial-ombudsman.org.uk/publications/ombudsman-news/33/review-33.htm0 -
Hi my husband who is an ex miner when all the pits closed years ago a lot of ex miners went on to work for the likes of pearl assurance and prudential etc . Anyway he was made to believe that he was doing the right thing and was advised to transfer from mine workers pension to pearl / Phoenix life we have only recently been made away that he may have been missold his pension
https://www.moneyadviceservice.org.uk/en/articles/financial-mis-selling-what-to-do-if-you-think-its-affected-you
He might try a discussion with TPAS but it may be that nothing can be done.
https://www.pensionsadvisoryservice.org.uk/0 -
Thank you all for your reply’s from what my husband has said after a lot of miners lost there jobs some of them went on to work for the likes of pearl assurance so basically they was telling the ex miners some of which were all friends that financially they were going to be better off transferring to them suppose when you have all just lost your jobs and then being told you were better off transferring your mine workers pension to said company a lot of ex miners at the time over 20/25 years ago took the word of the person advising them as he used to work along side them down the pit suppose you could say well played to pearl Assurance for taken on someone who was gonna put frighteners on the miners at the time 🤔🤔🤔0
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Your husband is now in his late fifties (or younger than state pension age)?
Does he have a S32 policy with Pearl (Phoenix) with protection for a Guaranteed Minimum Pension?
Something like this (although poster is female so GMP age 60 -it's 65 for a male).
https://forums.moneysavingexpert.com/showthread.php?t=5740265
If younger than SPA, has he obtained a new state pension forecast?
https://www.gov.uk/check-state-pension0
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