The Pensions Review 1994 - Mis-selling of Pensions
In 1994, the industry regulator ordered a review of sales of personal pension policies taken out between 29 April 1988 and 30 June 1994. In the Pensions Review, the regulator set out details of redress for people suffering material loss as a result of bad investment advice which led them to forego occupational pension scheme membership in favour of retirement annuity contracts, personal pension schemes or buy-out contracts.
The review guidelines established remedial actions that would put people in a financial position equivalent or as close as possible to, how they would have been if the bad investment advice not been given.
A deadline of 31 March 2000 was set for cases to be considered by the formal Pensions Review, so it’s now too late for members to ask for a Pensions Review. However, if you feel you were mis-sold a pension instead of being a member of the NHS/Teachers Scheme, you should contact your pension providers and ask them to contact the SPPA confirming what action they’re willing to take in this matter. You can also still refer your case to the Financial Ombudsman who may be able to consider taking action on your behalf.