THE SITUATION
Mr C. worked as a coal miner and was a member of the Mineworkers Pension Scheme (MPS) from January 1982 to November 1992, when he was made redundant.
An adviser from Pearl visited him at his house, having already convinced many of Mr C.’s colleagues to transfer their MPS into a personal pension arrangement, he decided to follow suit and in June 1993 was persuaded to transfer £19,348.72 to a personal pension with Pearl.
A Facebook advert about ex-mineworkers who may have transferred out of the MPS prompted Mr C. to contact Money and Me Solicitors (MMS). At the time, he was uncertain about the chances of the claim’s success, or the amount of money he may have lost. However, with nothing to lose (it was a no win, no fee arrangement) he asked MMS to pursue his case.
OUR APPROACH
MMS collected the necessary documentary evidence and conducted a thorough investigation. A complaint was sent to Pearl (now Phoenix) as we believed the Pearl adviser had not acted in Mr C.’s best interest.
THE OUTCOME
In December 2023, Phoenix acknowledged that Mr C. had received poor advice and, to rectify the situation, completed a loss calculation. On the 14th of February 2024, Phoenix awarded him £206,632.23 in compensation.
It should be noted that the claim had no impact on his personal pension arrangements with Phoenix.
Mr C. was delighted with both the outcome and the level of service he’d received from MMS…….he even recommended a family member.
Mr C. said “A big thank you to Carl who was persistent in getting my paperwork in on time, which led to me receiving a substantial lump sum. I was overwhelmed!”.
