Transferred Out Of Work Pension
Successful Stories
Mineworker from Wallyford
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.
British Steel worker from Scunthorpe
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.
New World Cookers Employee from Warrington
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…
Mineworker from Barnsley
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.
Mineworker from Mansfield
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…
Mineworker from Doncaster
Mr B from Doncaster, a worker at Brodsworth colliery. He was advised in 1991 to transfer his pit pension of £13,215 to Sun Life Financial of Canada by one of their agents. Eventually, they accepted responsibility for the bad advice and paid compensation of £192,214.
Mr T from Scunthorpe worked for British Steel and was persuaded by a Prudential agent in 1988 to transfer his British Steel Pension of £12,207 to them. Compensation of £92,232.11 paid.
Mineworker from Sutton-in-Ashfield
Mr W of Sutton-in-Ashfield was advised in 1989 by an IFA, Bale Insurance to transfer his pit pension of £5,807 to Standard Life. The IFA was no longer in business and therefore the Financial Services Compensation Scheme agreed to deal with the claim and awarded compensation of £48,000.
Rolls Royce worker from Crewe
Mr M from Crewe worked for Rolls Royce and was persuaded by an IFA, Moray Financial Services to transfer his Rolls Royce pension fund of £3,422 to Scottish Equitable. He was awarded £35,047.20 by the Financial Services Compensation Scheme after a successful claim had been made due to the IFA no longer being in operation.
Mineworker from Huddersfield
Mr H of Huddersfield was a miner and member of the Mineworkers Pension Scheme. In 1991 he was persuaded by an agent of the Colonial Mutual (now Aviva) to transfer his pit pension of £4,639 to them. Aviva eventually agreed that he had been wrongly advised to transfer his pension and compensation of £84,456 was…
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