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HP Mum

Pension refund - 20y late!

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It does but that isnt the benchmark for calculating what is due.

You sure this payment does not include the compound interest already?

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slight update

It was a unit holding pension.

It seems that the company transferred units from 1 policy to another policy 5 years earlier - and it seems it was then that the underpayment mistake was made.

They are so far offering repayment from the encashment date, not the 5y earlier date. I need to get to the bottom of that too....

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so the units will have a known value at those 2 dates and a current offer value. That is what you should receive. So if the holding was 750 units @ £1 ea and they are now worth £3.50 the you should have 750x £3.50 as a cash in.

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thanks ericsbrother

Yes - I have drafted a letter along those lines and your previous post too.

Will wait to see how they reply - prob in a few weeks

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Still waiting to hear back on the unit trust values.

Am guessing they didn't expect to be asked to do so much work!!

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give it no more than another fortnight and then write again demanding the calculatuions and give them another week before complaining to the Pensions Ombudsman (not the Pensions Advisory Service) You will the have to fill out a form and they will creak into action but knowing it is going there will focus the pension co's minds.

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Letter written. No reply. Chasing again....

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get on to the ombudsman, they have had long enough and you have wasted time by waiting too long so now they will not take you seriously

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little update

Obviously this case got passed around the desks - a lot - as we received several letters with differing calculations and settlement offers. I think we are almost there with an acceptable settlement - double what they first offered... Will keep this thread updated

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Well,

that is an improvement even if they cant come up with figures based on the original sum.

 

Have you done a calculation of the backdating based on 8% statutory interest?

that is the amount that a court orders as simple interest per annum so if they owed you £1000 from 20 years ago they would owe you £4661 now so offering double doesnt cut the mustard.

 

I would bet that their investment performance matches this quite closely, a pension I have with Virgin has more than trebled (nealry quadroupled) in the same time so double isnt really enough.

 

let them know this and tell them that you are happy to use the courts to claim this as a minimum and as they have admitted their calculations are duff it may well be twice that.

 

Stop being nice now you have a response you can wave about, use the admission to get a proper consideration.

Edited by dx100uk
spacing

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