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Pension paid by mistake now want refund

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Any advice on this issue.

 

Apparently I have been receiving a pension pay out from my previous employers pension scheme since 2005 when I was 60 and they have now written to me saying that I have been overpaid by £28,050.93 however they will only be recovering the last 6 years total of £9,068.24.

 

They have proved it was their error but I was completely ignorant of this until it came to light on investigation 3 months ago.

 

Is there any redress I can have in this case as with the loss of the income of £130 per month then to come to a repayment plan would leave me with little to live on.

 

Would appreciate some advice on the way forward.

 

Many thanks

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Hi.

 

 

Have they explained how the overpayment came about to your satisfaction?

 

 

 

I'll try to ask someone I know who deals with pensions, can you tell us what type of scheme it is please? Final salary, etc.

 

 

HB


Illegitimi non carborundum

 

 

 

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thank you for response but complicated issue.

 

My previous employment advised me to have a buy out on leaving and I was told that the provider BTR would also freeze half of the pension until retirement this was in 1987.

 

I had a buy out with Sun Life and the money was transferred from BTR but apparently this was the full amount.

 

I have been receiving £74 a month from Sun Life and this does not increase but the BTR one is £130 and does increase in line with inflation.

I am annoyed as the advise was flawed and I would have been better off leaving it with BTR.

 

They have provided all historical documents but this is the first time I have seen them.

Many thanks.

Edited by dx100uk
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Do you think you were mis-sold the buy out? Who advised you at the time?

 

 

HB


Illegitimi non carborundum

 

 

 

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I was advised by the Pensions Administrator at the Company I worked for.

 

At the next company I worked for the broker sourced some companies they were all much the same so I went with Sun Life.

 

About 12 months later I received a letter saying that I may have been mis-sold my pension and did I want them to investigate.

 

The outcome was that I was and a further sum was paid into the Sun Life pension.

It was around £5000.

Even given this the Sun Life pension still falls short of the BTR one.

Edited by dx100uk
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I have just found the letter from the Investors Compensation Scheme dated 8 Oct 1999 and was awarded £8,093.57. I consider I must have been badly advised as the difference between Sun Life and BTR is £56 a month

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I don't know what happens if you've already been compensated and the calculation turns out to be wrong. The problem could be that investment returns were higher in the 90s so the calculations are too generous with hindsight.

 

 

Have you spoken to someone like TPAS, the pensions advisory service? They have a free helpline that's very good.

 

 

HB


Illegitimi non carborundum

 

 

 

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I hope they can help, please let us know how you get on.

 

 

HB


Illegitimi non carborundum

 

 

 

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