Mis Sold Pension

[may1day]

I beleive I have been mis sold a pension. I removed it from a scheme and placed it in another. Is there anything I can do ?

[murraymints]

financial ombudsman ?

[murraymints]

http://www.financial-ombudsman.org.uk/

[mikey4444]

When were sold the pension and why do you think it was mis-sold ?

If you want to make a formal complaint, that you will need to start with the company that you bought the pension from.

[may1day]

I transferred the pension from a Post Office Pension to the Prudential. I am now 60 which would have been retirement age but that has now changed. friends who stayed within the scheme seem to have more than me.

[mikey4444]

Then it would seem that you may have been miss-sold a pension transfer, not the original PO pension.

That pension was a final salary scheme, and the Prudential one couldn't have been and certainly wasn't. 100,000's of final salary pensions were fraudulently transferred over into person pensions.

You have probably missed the deadline to make a claim. This link may help though:::::

http://www.financial-ombudsman.org.uk/publications/ombudsman-news/33/review-33.htm

I can enlarge on the differences between final salary pension scheme, and private pension if you wish....just ask !

[may1day]

I was told at the time of transferring that I would not lose out financially. At that time 1987 I don't think the final salary existed. I could be wrong

[mikey4444]

Then you were lied to in 1987 !

In 1987, your Royal Mail/Post Office pension WAS a final salary scheme....no other type of pension scheme was in existence at the time within the Company.

You will need to return to the Prudential and make a claim for miss-selling. But as this was now 30 years ago, Prudential may reject your claim....see my link above.

In that case, you will have to complain to the Ombudsman. But even that may not succeed, as such a long time has gone by since you were first miss-sold the pension.

[Peter Pedant]

here is the page from the site
http://www.financial-ombudsman.org.uk/publications/ombudsman-news/33/review-33.htm

start off with the pru
they should have written to you about this around 15 20 years ago

and yes you shouldnt have transferred out of the PO
as you would lose the employers contribution
which would have been substantial

( altho I have to say the compensation I got for a missold endowment was absolute peanuts)