I may have been miss sold a Pension Plan way back in 1986. Is it too late to claim?
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414manzanilla posted86 is before the 1988 start date for the previous mass review of pensions. Are you sure 19886 is correct? What sort of pension do you think you were mis-sold and why?
The advice from the ombudsman http://www.financial-ombudsman.org.uk/publications/ombudsman-news/33/review-33.htm is that cleints who missed to 2000 deadline for the review of pensions between 1988 nd 1994 can still try complaining to the firm:
"Customers who missed this deadline but who believe they have been mis-sold a personal pension are still able to make a complaint to the firm in the normal way, although in some cases time limits may apply."
manzanilla
Posted on 16 October 2009 |
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878
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414manzanilla posted
You mean you invested a lump sum in 86 which is now worth less that it was then? That is a little hard to believe... who was the pension provider, what sort of pension wa it and what was it invested in?
And why has it taken you 23 years to realise this?
manzanilla
Posted on 16 October 2009 | Love 0 loves
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0Clarkie posted
Invested £5000 into a UK Expatriates Pension Plan through a company called UK Expatriates Advisory Service (still trading in Middlesbourgh) on behalf of a company then called NEL Brittania International Assurance Ltd and now part of the SKANDIA group in 1986. My personal illustrations and verbal advice at that time show a growth of 14%. I apparently withdrew £5000 a very long time ago and the fund is valued at just less than £5000 today. Even with the funds I withdrew, a projection of 14% since 1986 is quite substantial? As a matter of interest, in the Sunday Express dated October 18 2009, there is a very similar case being discussed (although the figures are somewhat different!!), however this chap started saving into a personal pension plan in 1968, in 2007 his plan was worth £155,427 and today it is worth £98,000. Like mine, the scheme has changed hands several times but the fund continued its downward slide. The recommendations in the article are for him to move obviously and a case for negligence against his adviser!!
Posted on 19 October 2009 | Love 0 loves
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878MikeGG1 posted
Clarkie
The rate of return really depends on when you withdrew the £5,000. The earlier it was, the higher the return that you have achieved.
Most funds lost money last year and that should not be blamed on the adviser, unless this year happens to be the targetted retirement date. There is a system known as 'Lifestyling' which would have avoided most of the crash.
Mike
Posted on 19 October 2009 | Love 0 loves
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0Clarkie posted
I withdrew or transferred £5000 in the early 90's, as I said earlier in a previous post, the projections I got and still have on paper in the original NEL Britannia documentation state 14% which is quite a substantial return even on my original £5000 invested in 1988 (NOT 1986 as I previously stated.............apologies!!).....
Posted on 19 October 2009 | Love 0 loves
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878MikeGG1 posted
Clarkie
To make a comparison immediately after a crash is not very fair on the provider.
However, despite the crash, you seem to have had about 7.5% growth overall. That is much higher than inflation.
You withdrew the whole of your original stake after just a few years, leaving only the growth element behind, and yout pot has since recovered to your original stake.
I can't remember whether ex-pats were eligible to make a claim even if it was within the time limit, but it would also have depended on when in 1988 you received the advice.
Mike
Posted on 19 October 2009 | Love 1 love
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0Clarkie posted
I'm not comparing anything with anything (or at least I am not aware that I am?), the Sunday Express example mirrors my question only the chap involved has 'big bucks' at stake. My Portable Pension Plan, as it was called, was started on 3 October 1988 and ONE of THREE growth projections I have in writing state that for a lump sum investment of £5,000 , the plan will mature at 14% growth with £73,245.00 with a retirement age of 60 (2 months time for me)..............Unlike the chap in the Sunday Express example who is 'bothered', I on the other hand am not too bothered at all, it was only because I was looking through the companies I have investments with, Skandia being one of them, that I came across the NEL Britannia Pension stuff.
Posted on 19 October 2009 | Love 0 loves
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878MikeGG1 posted
Clarkie
The fact that there were 3 different projections mean that there was no guarantee that the 14% would be achieved. The fact that you withdrew your original stake also invalidated the estimates.
I, personally, doubt that you would have a valid claim.
It is a pity that you didn't have the 'Lifestyle' option as that would have cut your recent losses considerably. However, that option was not available back in 1988 as far as I am aware.
Mike
Posted on 20 October 2009 | Love 1 love
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0Clarkie posted
The 3 different projections were for lumps sum investments of £5000, £10000 and £20000, also in the example I quoted from the Daily Express the chap in question had 'transferred' some of his investment 'elsewhere' which in my estimation is the same as I did? However, as I said in my last post I'm not too bothered, even if I could claim misselling I probably wouldn't get much back anyway!!
Posted on 20 October 2009 | Love 0 loves
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