Just had the weirdest letter. From a company called ProSearch saying they've tracked me down regarding a pension benefit from my very first job in the mid 70s. It was a major company and I had about a year with them. I had no idea of any benefits at all from this brief employment.
ProSearch want certain elements of my NI number and my date of birth to reveal what they want me for.
I thought it a complete scam but looking on the net reveals they may be genuine.... also that they take a percentage of any funds they have for you.
Not quite sure what to do... any experiences of similar?
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www.bbc.co.uk/news/mobile/business-12373454
The link above and a look at moneysavingexpert forums for Prosearch might be worth a read first.
Pat
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If you now "know" there is a benefit, can't you contact the major company and ask them directly for your dosh?
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Here is a clue as to what you might be charged.
"I bought some shares when Margaret Thatcher's government was
privatising everything. In two or three cases, the companies
concerned were taken over and my relatively few shares compulsorily
purchased.
I got paperwork telling me I was entitled to £X but when I read the
small print I was told that there was an administration fee payable
before I could get the money.
Yesterday, I got a letter from a company called Prosearch who told me
that, as a former holder of O2 shares, I was entitled to some £3000
because my holding had been compulsorily purchased by Telefonica SA
but over £400 would be deducted from my payout as an administrative
fee by Prosearch.
I rang Prosearch on their 0800 helpline and asked what the fee of £400
was for. I was told that this was a "dedicated and voluntary service"
and I didn't have to use it."
Do it yourself for free or sit back and take advantage of their offered service.
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Thanks for replies... and the link Pat.
I've googled for the pension trustees of the company I worked for and found an address for them. Not the same address as ProSearch but oddly the trustees company are the parent company of Prosearch.
Anyway worth a direct approach if it saves a few percent... I think this is going to be a few hundred at the most but still worth chasing. I'll write to the trustees today.
Last edited by: Fenlander on Fri 1 Apr 11 at 09:10
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Dragging this thread up from the grave, did you get anywhere, Fenlander? I ask because Mrs C has received a letter from Prosearch today asking if she knows where I live, as apparently there are some assets..etc etc.
No idea what they're banging on about and inclined to just bin it. Wondered if you used them in the end, and if so, what you thought?
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Wel I did establish from the parent company that were after me that Prosearch were legit but would be charging a fee.... percentage of the fund they discover for you.
Anyway it related to 12mths working at Lloyds Bank in the 70s. When I left I opted for a refund of pension contributions as part of my payoff. However by some accounting quirk there was a small sum that had accrued to £60 now. They said it wasn't within the rules to pay it out as a lump but I could have a pension of about £1 a year.
Told them to forget it and I'll not bother keeping in touch!
Last edited by: Fenlander on Tue 16 Aug 11 at 18:13
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Thanks for that. At least I know they're not complete scam artists then, but also that they will bother for tiny sums.
As I've never owned anything other than tiny sums, any dividends or other forgotten bits can only be microscopic, so I'll not bother to reply. Or strictly, Mrs C won't.
Of course, if it was going to result in an extra £1 a year, I certainly would. Pay for a packet of fishfingers for Christmas lunch that would. (Actually, we really did have fishfingers for Christmas lunch one year).
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When I sold cars for a couple of years in the early 80s I paid into a pension for those in the motor trade.
So I should also be entitled to a benefit of a pound or two a year.
But I shall be magnanimous and leave the money in the fund for those who need it more than I do.
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Isnt there some accounting rules about unpaid pensions being a liability on the fund?
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...Isnt there some accounting rules about unpaid pensions being a liability on the fund?...
I think there may be, so the trustees cannot use 'my' money for any other purpose.
It's probably more of a nuisance/small cost to them from an accounting point of view, so they would probably be pleased if I did come forward to claim it.
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>>>It's probably more of a nuisance/small cost to them from an accounting point of view, so they would probably be pleased if I did come forward to claim it.
I know rules is rules but...
To have them go to all that effort to trace me and then explain the fund couldn't be taken as a lump, the pension didn't start for another 10yrs (at 65) and it would just about buy two Mars bars a year... farcical.
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I retired @ 60 and manage to live quite comfortably, but in 2 months time I will be 65 - a letter and claim form from Aviva said I was due a pension of approximately £7.00................. per week NO, per month NO............. but per year!! 14p per week, well almost.
I phoned and asked if I could give the capital sum to charity - NO. All they suggested was to receive the £7 and write a cheque to a charity.
Stop Press - it is actually £6.70 paid in arrears - so I will need to live to Oct 2012 to get the money.
Do you know of a smaller pension?
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>> Do you know of a smaller pension?
Cough, YES!.
I had a pension from British Airways, that was due to pay less than one pound per year. They paid me off with a cheque for 7 pounds in total.
Beautiful big cheque, with the BA speedbird logo on it, drawn on the Bank of America, New York Branch.
I framed it.
Last edited by: Zero on Wed 17 Aug 11 at 17:20
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....Bank of America, New York Branch.
Bit off thread I love seeing these odd cheques from different banks around the world , particularly if they are paying me money......
When helicopter jr did work experience he worked at the Bank of England and had his expenses paid on a Bank of England cheque. I wanted him to get his bank to return it when cashed as banks used to do so I could frame it.
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...I love seeing these odd cheques from different banks around the world...
I was once behind a woman in the checkout queue at Waitrose in Chiswick, west London.
She paid with a Grindlay's Bank cheque, and her name as it appeared on the cheque was Grindlay.
en.wikipedia.org/wiki/Grindlays_Bank
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>> She paid with a Grindlay's Bank cheque, and her name as it appeared on the
>> cheque was Grindlay.
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>> en.wikipedia.org/wiki/Grindlays_Bank
>>
Well - if we are name dropping..... I am acquainted with a Hoare of Hoares Bank.
www.hoaresbank.co.uk/
(Don't worry about the name - just count the money!)
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>>Stop Press - it is actually £6.70 paid in arrears - so I will need to live to Oct 2012 to get the money
Worry not. If you die before then your executors will receive, pro rata, that which is due to you.
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>> 12mths working at Lloyds Bank in the 70s
I worked at the Midland for just under 3 years when I left school (1989). I vaguely recall seeing a statement once telling me I was entitled to a pension of £4 a year on retirement, wonder if that's lump-summable? :)
Last edited by: Dave_TDCi on Thu 18 Aug 11 at 13:58
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ProSearch enquiry - Forgotten pension. - Pat
