Pension

Mrs S. who had been a factory worker with Gallahers/Rothmans in Belfast transferred her pension to Prudential in January 1989 following the advice of their representative. We showed that this advice was not appropriate and she was awarded compensation of £25,734.85. Mrs S. was over joyed with the award as it allowed her to finish…

Mr H. who was a steelworker for 8 years, transferred his pension from British Steel to Sun Life (now Aviva) in June 1990. Aviva contested the claim we put forward and the matter was referred to the Financial Ombudsman. The Adjudicator on behalf of the Ombudsman found that the claim was not time barred and…

Mrs. B who worked for JR Freeman for over 10 years, transferred her pension in November 1998 to Legal & General following the advice of her advisor Braemar Financial Planning. After taking advice from Corries Solicitors we were able to show that transferring from a final salary scheme to a money purchase scheme was not…

Mr W from Wallyford in East Lothian transferred his pension fund of £4,571 in 1990 from the Mineworkers Pension Scheme to Phoenix Life. The pension provider in the end accepted that they he had been badly advised and paid compensation of £55,215.

Mr J from Scunthorpe worked for British Steel. In 1992 an independent financial adviser, Howard Frapwell Insurance advised him to transfer his British Steel pension of £35,165 to Scottish Widows. As the IFA was no longer in business and was in default, compensation was paid by the Financial Services Compensation Scheme at £48,000.

Mrs S from Warrington worked for New World (TI Group) and was a member of the pension scheme there. In 1989 she was persuaded by an IFA Grange Financial to transfer her pension of £3,862 to Norwich Union. The IFA had ceased trading and a successful claim was made through the Financial Services Compensation Scheme…

Mr J of Barnsley worked at Grimethorpe Colliery. In 1991 he was advised by an IFA Goodare Owen & Co who were part of the Sesame Network to transfer his MPS fund of £13,135 to the Prudential. The network responsible for the IFA paid compensation of £109,147.

Mr K from Mansfield was a miner who was persuaded in 1992 by an agent of Hill Samuel (now Abbey Life) to transfer his pit pension of £7,290 to them. He had been wrongly sold and no previous review of his pension had been carried out. Abbey Life admitted that they had given bad advice…