is this mis selling or what ?

[Undercover Elsa]

Re: is this mis selling or what ?

Hi Cardiac Arrest, the Pensions Advisory Service might be a good place to start, if you haven't already. You can contact them on their helpline, by webchat or email:
http://www.pensionsadvisoryservice.org.uk/ask-us

Elsa x

[cardiac arrest]

Re: is this mis selling or what ?

when you asked for a quote they would of supplied usually 3 projections i.e.:-

5% Forecast 7.5% forecast & 10% forecast, and that states forecast, as no one can predict the future rates up/down so are loose estimates, if a bottom rate guarantee % the better as lower bar would be in place to stop very low rate, we had them in Transfer 32 section, thank goodness as our policies from old employers had a built in percentage guarantee as interest was only added 1st few years especially Norwich Union (Aviva took over), but still short of what was expected, hence the mis-selling scandal on these policies, the sellers had to rectify the early years shortfall with another policy to the value estimated lost, BUT not cover potential later years.


See the adviser who took it out for you and see if anything can be done, which I doubt but worth a try, we all lost out on these not pounds but thousands of pounds.

We all lost out through excessive charges & Government raids on funds.

Yes, mine is exactly the same , the GMP was already in place with my old employers so all Norwich Union did was take over that guarantee. I got 3 quotes from different companies via my employers chosen 'agent' Mercers Limited...they all said the same kind of things...projections att 13%, 11% and 9%...the chance to take benefits earlier or a cash lump sum ! ha ha, those were the days eh ?..We all know what happened, floated themselves and creamed off 10% of the fund for the shareholders...then not enough to pay any bonuses..and what do you end up with, welljust exactly what you started with, the basic GMP you had anyway ...

Fact is, I left my excess pension in the company scheme and if I'd left the GMP too I would have been able to get a bigger tax free lump because the pension value would have been higher...and you can take 25%of it (for a reduced pension of course)...but , you lose some, and you lose some...

The naughty bit though was tucking away the 'maximum payable' bit in the policy wording (who reads or even understands these policies)..so all their quotes and promises were just pie in the sky...and of course they continued to quote these imaginery 'potential' returns for years and years afterwards,perpetuating the lie.

I've written to them anyway, so see what they say..am sure they'll have some way of saying it's all my own fault....or that it was an 'admin error'..and offer me £50 for the 'stress' of it all ...

I did speak to an IFA back then, but they closed down years ago and have disappeared from the radar, although I still wonder what Mercers' role was in all this...probably looking after the companies' interests I expect..

[The Tech Clerk]

Re: is this mis selling or what ?

when you asked for a quote they would of supplied usually 3 projections i.e.:-

5% Forecast 7.5% forecast & 10% forecast, and that states forecast, as no one can predict the future rates up/down so are loose estimates, if a bottom rate guarantee % the better as lower bar would be in place to stop very low rate, we had them in Transfer 32 section, thank goodness as our policies from old employers had a built in percentage guarantee as interest was only added 1st few years especially Norwich Union (Aviva took over), but still short of what was expected, hence the mis-selling scandal on these policies, the sellers had to rectify the early years shortfall with another policy to the value estimated lost, BUT not cover potential later years.


See the adviser who took it out for you and see if anything can be done, which I doubt but worth a try, we all lost out on these not pounds but thousands of pounds.

We all lost out through excessive charges & Government raids on funds.

[nightwatch]

Re: is this mis selling or what ?

I haven't got a clue, but I hope some one has, best of luck xxxx

[cardiac arrest]

I have just had it confirmed officially (after many years) that my pension policy I bought in 1987, and about to mature in March this year, has restrictions in it which were
not told to me.

Specifically I was quoted, back then, 'potential' retirement pension of over £15k..then other lesser ones at at £13k and £11k..
Every year I have had estimates based on 'performance' of a pension of over £10k
In 1995 I was thinking of t/f this pension and was told then returns of about £11k were 'potentially' available. So i kept it.

I realise, over the years,returns have fallen and fully accept (reluctantly) that investments have been poor generally.

BUT, a few lines in my policy said there was a maximum pension payable of £6k.

When I've queried this rather ambigous wording I was told it 'didn't apply to me'.

As pension day has got nearer I've been having quite bit of contact with the provider and this 'maximum pension' issue has come up again.
Last week I was told there was indeed a maximum the policy would ever pay out, despite all these years of them writing to me with 'potential'
returns of £10k, £13k,£15k etc...

So, back in 1987 when I decided to buy the policy, based on their quotation of potential returns my decision was based on a lie. And this lie has been
perpetuated over the whole term of the policy, until now. I don't know why they never came clean with me,and continued to quote higher returns than they
would ever pay out.

So where does this leave me, after almost 28 years ?? (the policy will only be paying £5k by the way)