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Pension Policy Bonuses Dispute

skippy2 · 2013-07-23 13:24:53

I have a Pension policy with a well known Pension Company for over 20 years. Approx 14 years ago i asked for clarification on the Management Charges and Bonuses in relation to this policy from the Company Pensions Advisor he provided these in writing. I had reason recently to question these bonuses after the 14 years and…

23-07-2013 1:24pm

#1

skippy2

Registered Users, Registered Users 2 Posts: 393 ✭✭

Join Date: August 2009

Posts: 362

I have a Pension policy with a well known Pension Company for over 20 years.
Approx 14 years ago i asked for clarification on the Management Charges and Bonuses in relation to this policy from the Company Pensions Advisor he provided these in writing. I had reason recently to question these bonuses after the 14 years and the company have come back to me and said the letter issued by them 14 years ago from their agent was incorrect and the the original Policy documents, which they have supplied, state the correct bonus. This is not as beneficial to me as the one they quoted in the letter when i asked for clarification.

Have I any grounds to dispute this as what they quoted in the letter made me decide how much contributions i would make to the fund over the years. Surely if the company quoted me something by letter they are obliged to honour it even if the original document they have now provided differs. This is their mistake. I asked for confirmation of the bonuses and they confirmed them in writing.
They stand by the original documents and apologize for the incorrect letter but say that is that.
Do I just suck it up and chalk it down to experience.
Or have I any grounds in going to the Ombudsman or someone
Many thanks for any guidance

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