Pension mis sold - worth looking into?
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dHoneysuckle
Posts: 1 Newbie
Hi my father has recently passed away at the age of 74 and I am helping my mother go through the finances etc. my mother will get some of his state pension, plus a percentage of his MOD pension and a percentage of a small private pension. What I'm struggling to understand is why he was not in receipt of a workplace pension from Thorn Emi/Electrolux for whom he worked for at least 20 years. I'm wondering if he opted to take out the private pension at the expense of joining his work scheme which with hind sight was probably not the best thing to do. Can anyone advise me as to whether it is even worth investigating this and where to start? Even assuming I was able to piece together what happened would it simply be too late to make a claim for potential mis selling ? If anyone has any ideas I would be very grateful as my mother will not have a great deal of pension to live on.
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My sympathies to you.
Have you tried ringing Thorn to ask why your father didn't receive a pension from them? If you tell them that you are looking into your mother's widow's pension benefits, I can't see why they wouldn't tell you if your dad transferred out of the Thorn scheme in favour of a private pension.
If he did do that, then I'm afraid that I can't see that you'd be able to do anything, as only your dad would have been able to make a mis-selling claim.0 -
Sorry for your loss.
What dates are we talking about here? He was 74 but worked for over 20 years. So, that would put us back until at least the 80s. Personal pensions didnt come out until 1988. So, it was unlikely he was mis-sold as the timescales likely pre-date regulation and the advent of personal pensions.If anyone has any ideas I would be very grateful as my mother will not have a great deal of pension to live on.
There is always the potential for pension credit and other benefits.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Honeysuckle - could this be the reason?
Thorn sells £1.1bn pension fund
Thorn made the first all-transistor colour TV in 1968
The pension fund of the former Thorn electrical and TV rental group has been wound up and sold for £1.1bn to the Pension Insurance Corporation (PIC).
The buyout deal, the largest yet seen in the UK, affects the 25,000 members of the scheme, which closed in 2000.
About 15,000 current and deferred pensions will now have their pensions provided by PIC.
About 10,000 members whose pension entitlement is small are being bought out with lump sums instead.
The trustees of the scheme said it was a good deal, as it offered greater financial security and a 5% improvement in members' benefits.
"At a very challenging time in the investment markets, Pension Insurance Corporation was able to protect members' final salary benefits while also providing a financial uplift," said Chris Martin, chairman of the scheme's trustees.
"The trustee believes that this buy-out represents the best overall outcome for the Fund's members."Save
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