- March 8, 2024
- Posted by: legaleseblogger
- Category: Related News
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#### Situation Overview
To provide some context, my father made the decision to withdraw his pension funds and invest them into a Self-Invested Personal Pension (SIPP) account.
#### Current Issue
Recently, the company handling his pension investment has reported a loss of 600k within a span of just 3 months. Strangely, the quarterly statements do not provide any clear details on where the money was traded or how it disappeared. One month, his account balance shows 600k, while the next month it drastically drops to only 10k.
#### Seeking Resolution
Despite following the proper protocol and filing a complaint, we have not been able to get any satisfactory answers from the company. Communication is difficult, and responses over email have been minimal or non-existent.
#### Steps Taken
– Seeking assistance from the pension Ombudsman
– Contacting his bank for support
#### Company Background
The company in question is considered reputable and is owned by a major banking group. However, their trust rating on Trustpilot is a low 1.2.
#### Unusual Behavior
Complicating matters further, my father has not been forthcoming with evidence of his interactions with the company and becomes defensive or experiences panic attacks when questioned. This raises suspicions of potential dishonesty on his part, especially considering the discrepancies in the quarterly statements.
#### Need for Assistance
Given the complex and concerning nature of the situation, it is crucial to explore additional measures that could help resolve the issue and expedite the process.
#### How AI Legalese Decoder Can Help
AI Legalese Decoder can play a vital role in unraveling the legal jargon and complexities surrounding pension funds and investments. By leveraging AI technology, the Decoder can analyze the terms and agreements in a clear and easy-to-understand manner, helping to identify any discrepancies or potential legal violations. This can provide valuable insights and guidance on the best course of action to address the issue and protect your father’s financial interests.
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****** just grabbed a
It looks like the key to speed things up is with your dad ie him managing to openly talking about what happened
No pension fund looses 95% of the value.
Investigate yourself with the company.
ItÔÇÖs possible that your father has lost it in a pension scam.
Good luck.
You described your father as having ‘learning difficulties’ in a post on this forum two years ago, when you explained how he had been electrocuted in the shower. He doesn’t sound like the sort of person who’d have a SIPP, especially as you indicated even then that he was already of pensionable age, but I’ll take your post at face value.
It would be reported widely if funds held in a SIPP had lost 95% of their value, as thousands of people would be affected. So it’s obvious that you need to talk to your father and see the documentation that he is withholding from you before pursuing any course of action.
I really doubt a regulated pension has lost that much that quickly. Your dad may have fallen for a scam, or he could have taken control and invested his funds in extremely risky places? Even then that kind of loss seems unimaginable outside of options trading which he surely wasn’t doing.
Hold on, a SIPP is managed by the individual, not a pension fund. A Self-Invested Personal Pension (SIPP) is a type of account that allows you to take charge of your retirement savings. You have the freedom to invest exactly where you want to and control how much money goes in and when.
Unless you really know what you are doing, you could easily invest the lot in garbage investments and lose the lot. No-one else is managing those investments apart from your dad.
> pension Amundsen
Ombudsman?
IMOHO heÔÇÖs either been a victim of a scam or withdrawn the money & p*ssed it up the wall / been scammed.
Regardless, formal complaint then ombudsman if youÔÇÖre not happy.
It seems highly likely he has moved the £590,000 somewhere which is perfectly legal and you have no legal right to know.
Sure you can hazard a guess by looking at the quarterly statements.
I.e Statement to 30 June held xx units in xx value = y
Statement to 31 Dec held xx units in xx value = y
If the units remain the same and y is down then you have a problem.
IÔÇÖd review the holdings and values and work out whether the holdings have reduced. If so points to selling the assets for a drawdown.
The question is then put to your father whether he has made any pension withdrawals.
Account deleted? Looks like junior just found his dad’s OnlyFans bill
>This is where it gets a bit crazy. My dad has not shown us evidence of these interaction and refuses/ gets into a panic attack when confronted. We believe he may be lying about all this. We have just seen the quarterly statements
If it wasn’t for this I’d be saying to go nuclear. Pension ombudsman, get in touch with a solicitor who specialises in pensions, etc.
But because your dad is clearly withholding some key piece of information there’s not much you can do. Has he been scammed? Has he invested it all in something foolish? Spent it? You can’t do much without knowing more.
If he won’t tell you ask him if he’d tell a solicitor. It may be worth hiring a professional if he won’t accept help from his family (and accepting help but refusing to give up the tools to help is not accepting help.)