Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
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    Lightbulb FSCS Decision letter on Pension

    Dear those who have had decision letter or have Knowledge

    The letter said my lost was 80,000 (this is what my pension would be worth)
    however the amount they put as transferred was the amount my new current pension is worth 40,000(this is what they awarded me)
    however at the time of transfer the amount was 19,000 NOT 40,000.

    I am lead to believe that my current pension should not be used as a decision. Only the pension at the time of transfer.

    Were they right to use my current pension figure as the amount transferred when it 19,000. less broker fees

    My current pension is not income guaranteed it an shared investment policy

    They also didn't take in to consideration life insurance attached or brokers or life time brokers fee attached to my pension

    Do I need to make a separate claim for life insurances attached to my pension.
    I was lead to believe this should of been included in the calculations

    Any examples of FSCS Decision well be appreciated feel free to change figures and name

    Dear all


    The FSCS used my current pension figure as a lost sum however this was not the amount transferred and the model for this pension is not the same as the pension it was transferred from.


    They did not include my life insurances attached to my pension or life time brokers fees.




    Thanks


  2. #2
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    Default Re: FSCS Decision letter on Pension

    Hello there.

    I've merged your threads, it's best to stick with one.

    Can you type up their calculations please, minus any identifiable information? It could help people to advise you.

    HB


  3. #3
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    Default Re: FSCS Decision letter on Pension

    Notional transfer value of Civil Service

    Pension scheme benefits

    73,995.68 73,995.68

    Valuation of Scottish Widows Pension

    scheme

    38,524.98 35500

    73,995.68 38,524.98 35,500

    Net Lodgements: 35,470.70

    Add Interest Equivalent Sum: 0.00

    Eligible Amount: 35,500

    Less Abatement: 0.00

    Total Compensation Payable: 35,500
    Total Compensation Paid To Date: 0.00

    Total Payment Due: 35,500

    The original amount was 21,000,
    the new amount of 38,000 is what my pension is now.
    Please note I wasn't in the civil service

    This does not include my occupation life insurance attached my old pension or life broker fee deductible attached to my current pension.


  4. #4
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    Default Re: FSCS Decision letter on Pension

    so they owe you 35k

    All the other valuations, benefits and deductions are taken into account so it matter not what things were
    but they are supposed to use an equivalent value to place you into the same position as though you had never left the other scheme.

    you claim what is at the bottom of the page, namely 35.5k

    Once you retire the life insurance goes out the window so not a consideration


  5. #5
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    Default Re: FSCS Decision letter on Pension

    Thank for your reply.

    I'm not retired
    my pension was transferred out to another pension provider without good advice

    my current pension it's in more of a share type pension scheme
    meaning that my pension will not be guaranteed
    it can go up or down;

    where as with the occupational pension that pension rate is guaranteed at the end of my retirement

    I'm to believe that my life insurance would still remain on my pension despite me not actually being within the Civil Service until retirement.
    This should of been taken into consideration and they should not of used my current pension scheme as a basis to value my pension

    only the amount that was transferred into it
    which was 21,000

    considuring it was at a loss due to the property crash

    I'm confused how this figure can be used.

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  6. #6
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    Default Re: FSCS Decision letter on Pension

    Hello there.

    Have you asked the FSCS to explain how they did their calculations? You're in the area of actuarial science and I'd be surprised if CAGicon has anyone who's qualified in that.

    HB


  7. #7
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    Default Re: FSCS Decision letter on Pension

    Hi


    Yes I have.
    And having done my own research life insurance (it is also on their example on their website, and guidance)
    life insurance must be also included in calculations if on the policy at the time of transfer.

    Unless you had to be in the job at the time?


  8. #8
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    Default Re: FSCS Decision letter on Pension

    was this old gov't 6% super annuation scheme and you serp'd out in 1992
    when thatcher allowed millions of people to be sc@mmed out of their future pensions by the offer of a 200 backhander


  9. #9
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    Default Re: FSCS Decision letter on Pension

    the life insurance bit disappears when you are no longer paying into the scheme BUT there is an extra payout to dependants if you die withn a short time of retiring. This would apply to those members who were not still actively contributing as well but since you moved your pot out them wouldnt apply.
    Go back to the FSCS and tell them that SW have failed to apy the right amount into your pot as instructed. stop going on about the life insurance, it is a red herring and may end up costing you.


  10. #10
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    Default

    Dx100UK; Hi no; yes heard about it.

    Ebrother 09:55
    Hi thank for this. Kind regards



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