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  • FIRST POST
    • PaulAshby
    • By PaulAshby 25th Oct 17, 3:10 PM
    • 4Posts
    • 0Thanks
    PaulAshby
    Mis Sold Pension?
    • #1
    • 25th Oct 17, 3:10 PM
    Mis Sold Pension? 25th Oct 17 at 3:10 PM
    Back in the early 90's I left a permanent job of 7 years to work as a contractor, the company that took me on has set up a pension scheme for its employee's and the pensions advisers that set that up also advised the guys working as contractors on their pensions and set them up with private pensions. They talked me into taking my 7 years company pension from the previous company, a final salary scheme that was very good and transferring that into a private pension which does not seem to have done very well at all.
    Do people think there is a case here for miss selling?
    What has made it even worse was after 5 years contracting I went back to the original company for another 7 years.
Page 1
    • Thrugelmir
    • By Thrugelmir 25th Oct 17, 4:41 PM
    • 58,187 Posts
    • 51,561 Thanks
    Thrugelmir
    • #2
    • 25th Oct 17, 4:41 PM
    • #2
    • 25th Oct 17, 4:41 PM
    They talked me into taking my 7 years company pension from the previous company,
    Originally posted by PaulAshby
    Any written evidence to substantiate this.
    Financial disasters happen when the last person who can remember what went wrong last time has left the building.
    • PaulAshby
    • By PaulAshby 25th Oct 17, 9:46 PM
    • 4 Posts
    • 0 Thanks
    PaulAshby
    • #3
    • 25th Oct 17, 9:46 PM
    • #3
    • 25th Oct 17, 9:46 PM
    Very unlikely, this is a long time ago now but i will have the original paperwork somewhere so always possible there is something useful amongst it.
    • dunstonh
    • By dunstonh 8th Nov 17, 2:51 PM
    • 92,153 Posts
    • 59,314 Thanks
    dunstonh
    • #4
    • 8th Nov 17, 2:51 PM
    • #4
    • 8th Nov 17, 2:51 PM
    All pensions sold between 1988 and 1994 were required to be reviewed under a forced pension review with feedback given to the regulator.

    Most of these are long gone by now with most being done by 2000. The process involved them sending you a questionnaire and based on the answers and their own files they would decide suitability or not. If you had a serial non-responder, you had to keep chasing a number of times. I believe the firm could give up in the end and would be allowed to timebar a complaint if the address they were writing to was valid.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • woolly_wombat
    • By woolly_wombat 11th Dec 17, 3:55 PM
    • 518 Posts
    • 331 Thanks
    woolly_wombat
    • #5
    • 11th Dec 17, 3:55 PM
    • #5
    • 11th Dec 17, 3:55 PM
    http://pensionjustice.co.uk/transfer-from-a-workplace-pension-scheme/

    Many people, such as civil servants, railway workers, teachers, police officers, firefighters, NHS workers, and those in the armed forces or blue chip companies may have been wrongly advised to transfer their pension into what is known as a ‘money purchase scheme’.
    This type of scheme is often recommended to those whose final pension depends upon the number of years they’ve served and their final salary. However, those who have been encouraged to transfer their money out of a final salary scheme may have been wrongly advised and could be entitled to up to £150,000 in compensation.
    Obviously don't bank on £150K.
    • Aegis
    • By Aegis 11th Dec 17, 4:01 PM
    • 4,866 Posts
    • 3,058 Thanks
    Aegis
    • #6
    • 11th Dec 17, 4:01 PM
    • #6
    • 11th Dec 17, 4:01 PM
    Originally posted by woolly_wombat
    Especially not if you use a claims management company that take 25% plus VAT (i.e. 30% total) of your compensation to pay for them filling in a couple of forms with no additional chance of success with the Ombudsman.
    I am an Independent Financial Adviser
    Anything I say on the forum is for discussion purposes only and should not be construed as personal financial advice. It is vitally important to do your own research before acting on information gathered from any users on this forum.
    • woolly_wombat
    • By woolly_wombat 11th Dec 17, 4:06 PM
    • 518 Posts
    • 331 Thanks
    woolly_wombat
    • #7
    • 11th Dec 17, 4:06 PM
    • #7
    • 11th Dec 17, 4:06 PM
    My apologies.

    I note that Andy McGowan has been reported for possible spam by dunstonh on another thread.
    • lisajaynec
    • By lisajaynec 13th Jan 18, 1:53 PM
    • 157 Posts
    • 247 Thanks
    lisajaynec
    • #8
    • 13th Jan 18, 1:53 PM
    • #8
    • 13th Jan 18, 1:53 PM
    Hello hoping someone can assist me
    My husband had a 10 year army service and pension or so we thought. As he was coming up to 60 we applied to the army only to be told he signed it over in 1992 and they sent the paperwork, done via the his bank. This policy is now worth very little compared towhat he would have received. I didn't meet my husband until 1995 and we had enquired about his pension when he was 55 and we were given a rough estimate of the policy payout, no one ever said it had been transferred so you can imagine we were shocked.
    Is there anything he can do. He got separated from hi wife in 1994 so if they had tried to get hold of him she wouldn't have passed on the post.
    Is there anything we can do please in retrospect
    Any help gratefully received
    • dunstonh
    • By dunstonh 13th Jan 18, 2:10 PM
    • 92,153 Posts
    • 59,314 Thanks
    dunstonh
    • #9
    • 13th Jan 18, 2:10 PM
    • #9
    • 13th Jan 18, 2:10 PM
    All pensions sold between 29 April 1988 and 30 June 1994 were placed under a mandatory review. This required the provider/seller to contact the pension holder and ask them to complete a questionnaire. The progress on completions was monitored and reported to the regulator. Firms that were sluggish or not getting many responses had to step up and get them completed. In the end, the majority of those sold a pension in that period were reviewed as required.

    If your husbands is one of the few that wasnt, he should raise a complaint to the original seller of the pension. If his was reviewed, then it will now be barred from a complaint (as the review would have settled any issues at that time).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • hyubh
    • By hyubh 13th Jan 18, 2:35 PM
    • 2,099 Posts
    • 1,606 Thanks
    hyubh
    As he was coming up to 60 we applied to the army only to be told he signed it over in 1992 and they sent the paperwork, done via the his bank. This policy is now worth very little compared to what he would have received.
    Originally posted by lisajaynec
    So he accepts he did indeed willingly transfer the army pension out, and has traced where he transferred it to...?

    I didn't meet my husband until 1995 and we had enquired about his pension when he was 55 and we were given a rough estimate of the policy payout, no one ever said it had been transferred so you can imagine we were shocked.
    But he then remembered when evidence was presented recently...?

    He got separated from his wife in 1994 so if they had tried to get hold of him she wouldn't have passed on the post.
    An army pension couldn't be transferred without him doing the transferring. When did he divorce his previous wife? Was the transfer part of the divorce settlement in some way? (Presumably the divorce predated the statutory 'Pensions Sharing' mechanism, which was introduced in 2000...?)
    • lisajaynec
    • By lisajaynec 13th Jan 18, 4:39 PM
    • 157 Posts
    • 247 Thanks
    lisajaynec
    Answers
    Hi no He has no recollection of signing the paper but it is his signature.
    Yes we know where its been transferred to but an army pension is for life and the transfer will only pay 189.00 for 15 years.

    My husband was absolutely distraught when he discovered that he has no pension and obviously we had the quote from when he was 55 that never said he had opted out.

    I don't know who to complain to. The bank where it was transferred or the army. This was signed over in 1992

    His ex wife got the house so no pension shared

    Has anyone got a template of a letter that i have to send in to see if it had a review completed please. Thank you for taking time to read and reply its very much appreciated
    Last edited by lisajaynec; 13-01-2018 at 4:48 PM. Reason: Extra info
    • ajd7569
    • By ajd7569 13th Jan 18, 4:45 PM
    • 4 Posts
    • 2 Thanks
    ajd7569
    Serps reviews
    Hi! Has anyone had a serps review carried out to see if your policy was missold to you. I've seen a lot of advertising for this company on facebook etc and wondered if it was genuine or a scam.This is the name of the company.
    Serpsreviews and MK Financial Planning Ltd .

    They also have a video on youtube
    Is it genuine or a money making scam?
    • dunstonh
    • By dunstonh 13th Jan 18, 5:16 PM
    • 92,153 Posts
    • 59,314 Thanks
    dunstonh
    Hi! Has anyone had a serps review carried out to see if your policy was missold to you. I've seen a lot of advertising for this company on facebook etc and wondered if it was genuine or a scam.This is the name of the company.
    Serpsreviews and MK Financial Planning Ltd .

    They also have a video on youtube
    Is it genuine or a money making scam?
    Originally posted by ajd7569
    Not a scam but it's a Spratt to catch a mackerel.

    The regulator did a review of contracting out and found a potential failure rate of just 1% (that wasnt actual failure rate - just potential as information could turn some of those into suitable).

    They did create a guide at the time with a flowchart:
    http://webarchive.nationalarchives.gov.uk/20100202114201/http://www.moneymadeclear.fsa.gov.uk/pdfs/s2p_wrongly_advised_ink.pdf

    Basically, if you were under 45 for men (40 for women) at the time of contracting out and earning over £10k a year, then it was suitable to contract out.

    Since then, the move to the single state pension has made most people who contracted out big winners (some are getting as much as the whole state pension AND keeping their contracted out benefits - you can include me in that). Also, the increased flexibility on how you spend your money (which you dont get with contracted in benefits).

    To give you an idea of the level of complaints and the uphold rates, you just need to look at the FOS stats. Just 1% of pension and investment complaints were about SERPS in 2015/16 and 2016/17. In numbers, that is 281 and 112. It is one of the lowest complained about things. And that is about anything to do with SERPS (not just the sale). The uphold rate on those complaints was 6%

    Here is a typical complaint response from the FOS:
    http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=89120

    The firm is known to put in speculative complaints and then transfer the pension taking a commission/fee at the same time. Often doing the same things as they accused the original seller of doing as being wrong. I have copies of an actual case where that is exactly the case. The complaint letter is signed by the same person on the claims company side as it was on the transferring pension side. The complaint letter said "she is a very cautious person. everything she has ever done financially has been zero risk". Yet the plan they set up on the transfer has 15% in global equity. 15% in pacific equity, 15% in UK equity and others. So, they were saying one thing in the complaint which was clearly not true and doing exactly the same thing in the new plan they set up.
    They also took an initial charge of 5% on the transfer value. This is why it is a Spratt to catch a mackerel.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • zagfles
    • By zagfles 13th Jan 18, 5:48 PM
    • 12,904 Posts
    • 10,969 Thanks
    zagfles
    Hi no He has no recollection of signing the paper but it is his signature.
    Yes we know where its been transferred to but an army pension is for life and the transfer will only pay 189.00 for 15 years.

    My husband was absolutely distraught when he discovered that he has no pension and obviously we had the quote from when he was 55 that never said he had opted out.

    I don't know who to complain to. The bank where it was transferred or the army. This was signed over in 1992

    His ex wife got the house so no pension shared

    Has anyone got a template of a letter that i have to send in to see if it had a review completed please. Thank you for taking time to read and reply its very much appreciated
    Originally posted by lisajaynec
    Worth having a chat with TPAS https://www.pensionsadvisoryservice.org.uk

    There was a lot of mis-selling in those days, perhaps the bank's "advisers" suggested they could "improve" the pension by transferring into some rubbish "with-profits" scheme.
    • Silvertabby
    • By Silvertabby 13th Jan 18, 6:14 PM
    • 2,537 Posts
    • 3,494 Thanks
    Silvertabby
    As above.

    Don't complain to AFPS (Army pensions) - they only acted in accordance with your husband's instructions.

    Any complaint should be directed to the Compliance Officer of your husband's current pension company - but I fear that he may be out of time to register his case.
    • lisajaynec
    • By lisajaynec 13th Jan 18, 9:38 PM
    • 157 Posts
    • 247 Thanks
    lisajaynec
    Thanks
    Thanks everyone. I had sent a letter to army pensions but them amended it and sent it to the receiving company. I will await their replies but appreciate he may have missed the opportunity to complain.
    • atush
    • By atush 13th Jan 18, 10:37 PM
    • 16,636 Posts
    • 10,336 Thanks
    atush
    What is his current employment pensions savings? Yours?

    Not too late to better things as they stand.
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