Last year, in recognition of my 60th, I handed in my notice, finished work at the end of May, and enjoyed two fabulous trips to the US doing fun stuff. Well, fun to me! In between I did odd jobs for people, and by January '16 decided to withdraw £8k from my pension pot to use my personal tax allowance in full.
They messed up, misfiled the paperwork, admitted they had cocked up and apologised. I complained to the Financial Ombudsman and registered a complaint. The current financial tax year, when not overseas on holiday, I shall earn sufficient to fully utilise my personal allowance, so drawing down the £8k sum this year would give me a £1600 tax liability at the basic rate.
The provider sent a grovelling letter with a cheque for £200 in compensation. I duly returned it explaining patiently to them that I was not impressed by their level of service, and finally, four months after registering my complaint, they have now offered a cheque for £450! Subject to me returning the initial cheque. I returned this cheque two months ago, and their level of incompetence continues to amaze me.
Just out of devilment, I am tempted to pursue the complaint with the FOS, and wonder how much they will be fined, and if my compensation is likely to increase.
I should have been born a terrier because with some things I just won't let go!
Given that I have plenty of time, a stress free life, and several easy part time jobs, what would you do?
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Pension provider screw up new
Pension provider screw up new