pension funds

[MRBLUESKY]

we here a lot these days about mis sold mortgages ,endowment policies and bank charges refunded,not to mention credit agreements been mis sold.compensation seems to be common amongst these cases .ive been in a company pension scheme for 31 years, can,t recall been issued with a terms and condition agreement when joined,dont seem to be able to get a terms and conditions agreement now,emails have fell on def ears,and over the recent years the fund has implemented rule changes so you recieve less pension if you are lucky enough to get it, and you have to wait longer to recieve it ,and if you are made redundant before 50 or 55 they keep moving the goal posts,so your pension is deferred.when i joined the scheme these conditions were not explained to me ,would i have a case for compensation for a mis sold pension,i certainly would not have joined the scheme if i new at the time how easy the fund could change the rules,and with it been a works pension scheme i dont recall having a choice.if my pension is deferred in the near future i think ive been taken for a mug for over 30 years, any advice would be much appreciated.

[plasticdaft]

Given that it was so long ago that the pension was started it would be hard to claim it was mis sold. You should however be entitled to receive a terms and conditions package about it. Dont suppose you are a union member??

[MRBLUESKY]

so if you commit a murder 30 years ago and not caught, your a free man then.whats the union got to do with your rights, being a british citizen.ofcourse i,m in a union but that should,nt give me more privalages than someone who isnt,i want to know what help is out there for righting a wrong even if it means going to the european courts,i want to be a thorn in a big establishment robbing people.

[plasticdaft]

I am not saying its right Ronald,and I am only saying that as a member of a union you can get better advice from people who may understand your companies scheme better than an outsider.

[MRBLUESKY]

i understand that paul but sometimes you have to go beyond unions to get your rights,through courts etc.

[plasticdaft]

Personally I dont think unions are of any use at all nowadays.

The problem with courts is they cost money and thats not something many of us on this site have too much of laying around.

Can you say what company your are with??

[MRBLUESKY]

british steel pension fund,if you have a case for being mis sold a financial package i thought you would be entitled to legal help say on a no win no fee bases if you had a strong case.endowment policys were mis sold,and compensation was given,dont pension funds have the same penalties if proven to be mis sold.

[MelanieGiles]

I don't think you would be deemed to have been sold your pension Ronald, as surely it was optional when you decided to join. Decisons that are then made with regard to the investment of funds and how pensions are paid lie with the Trustees. If you feel that they have mismanaged your funds, then you may have grounds for a complaint, but do you have the sort of money available to take a test case to the European Court - or security for the other side's costs if you lost?

[MRBLUESKY]

at the time i joined it was not optional,being a company scheme, thats why i dont recall signing any agreements,at the moment things are fine,but my pension rules seem to be changing on a regularly bases and i fear my future benefits are dwindling and becoming further out of reach.i,m convinced now i would have been better off not been in a pension and just invested my contributions myself.

[kallis3]

I joined my pension scheme more years ago than I care to remember, and have transferred it three times!

I always had the choice.

[MelanieGiles]

Are you sure it was not optional Ronald? I am not sure any employer can force you into a pension scheme.

[ivas4us]

I am also in a works scheme and I beleive you automatically joined unless you opted out and no terms and conditions were given out. They are now starting to move the goal posts which is unfair if you have been paying in for some considerable time. When I joined there was a rule that if your age and years service amounted to 85 then you could draw your pension however they are trying to withdraw this now. Its a bit of a cheeser as this was the only reason I joined the scheme and transferred my private pension into it. The idea was I would retire about 55 and then do some part time work but it doesn't look like an option now.

[kallis3]

It possibly depends on when you joined. I had to opt in to my scheme (LGPS) and as far as I am aware, the circumstances regarding the 85 rule haven't changed. Whilst you may be able to retire according to age and service, it is ultimately down to whether or not your employer is prepared to let you go.

[MRBLUESKY]

i dont believe opting out a fund when i started paying contributions was a option in 1978,those options came in later i think ,where again there was compensation for mis advice,this is the point i am trying to make i have never been issued with full terms and conditions regarding my pension.if people had been sold a financial package like a mortgage etc without terms and conditions i think they would have a case for being mis sold a product,pension schemes seem to be a law to themselves regarding old members.i no they are toeing the line now with transparity,due to new government regulations,but old paying members should not be penalised when they feel fit to move the goalposts.

[kallis3]

I know that my circumstances are probably different to yours, but when I initially signed up to my pension fund in 1972, I had the option of opting out.