Shipbuilding Industries Pension Scheme - can you help?

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Deleted member 5265

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I've been approached by a family friend about his pension. He worked at British Shipbuilders until the late 1980s. On leaving, he was advised to transfer his British Shipbuilders pension to what is known as a 'Section 32' pension with Norwich Union (now Aviva).

He's told me who advised him to do this, but I'm not going to say who this was for now. It's far too early to say if anything was wrong with what happened. Pensions isn't my area, but I've seen enough and read enough to think this is worth investigating on the basis he may have been given poor advice. I'm not saying it's going to get anywhere, far too early to say.

However, I'd be very interested to hear from anyone who went through similar and likewise transferred their pension, or who was advised to do so but didn't (we've been told that some lads didn't transfer it, so it doesn't seem to have been a mandatory transfer out). I'd also like to hear from anyone who kept their British Shipbuilders pension (whether or not they got advice to move it). And I'd like to hear from anyone who has since taken any steps in terms of taking further any question of the advice to transfer the pension out.

We currently have two lines of enquiry:

a) Whether the advice to transfer was wrong; and
b) Whether Norwich Union, and/or Aviva, have managed the pension appropriately since.

It's question a) which is my current focus in terms of this thread. I've already seen that there's plenty of information out there about Section 32 pensions, and we'll look at this.

Thanks in advance. If we decide to pursue it, I'll let you know.
 


janiep said:
Yes. As I say I'm not an expert.
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nor am i at all but the first thing that sprung to mind was is there any time limit to opening a case. Late 80`s would put it around 40 years and i know around that time there were changes to various schemes, pensions and people like the CiS were basically running amok pushing owt they could
 
yorkyexile said:
nor am i at all but the first thing that sprung to mind was is there any time limit to opening a case. Late 80`s would put it around 40 years and i know around that time there were changes to the scheme, pensions and people like the CiS were basically running amok pushing owt they could
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CiS?
 
Nookie Bear said:
The radio ads I’ve heard recently refer to SERPS ie opting out of paying the higher level of NI contributions and filtering that into a private pension due to poor advice
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Yes, that's a feature of a Section 32 pension (I think).
 
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janiep said:
We currently have two lines of enquiry:

a) Whether the advice to transfer was wrong; and
b) Whether Norwich Union, and/or Aviva, have managed the pension appropriately since.
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You can discount b) immediately as Norwich Union/Aviva are only responsible for administering the new pension which was established and investing the monies in accordance with adviser/client instructions.
 
Old Prestonian said:
You can discount b) immediately as Norwich Union/Aviva are only responsible for administering the new pension which was established and investing the monies in accordance with adviser/client instructions.
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Happy to park that from this thread.
 

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