How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Jo C. Your Own Question
Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 31768
Experience:  Over 5 years in practice
12826847
Type Your Law Question Here...
Jo C. is online now

12 years ago I was sold a SIPP which involved the purchase

Customer Question

12 years ago I was sold a SIPP which involved the purchase of a commercial property in Spain - one of the first I believe,the pension value at the time was over £100,000.No rent figure was ever agreed,so basically,due to the recession,the property is now practically worthless and there has been nothing in my pension fund since day one.To make matters worse,the administrators are still demanding approx. £660 per annum to administer a fund which has nothing in it. There is much more to this as the original company was called Wolanski - this was then taken over by Alliance trust who were then taken over by Fortis banks so I think the whole administration of the fund was mismanaged/lost during a sequence of takeovers. Do I have any redress against the original financial advisors or pension administrators to tryand reclaim some or all of my lost monies ? When the fund was orignally set up was informed that 2 companies needed to be set up to administer the payments back in to fund,one in the UK and one in Spain,which was done involving considerable cost.Subsequently we were informed that this had not been necessary and that monies could be paid directly back into the fund. After this did not hear from Wolanski again as they were being taken over by Alliance Trust,so again no rent wa\s ever agreed to pay back.Emails were sent but nothing heard.

Submitted: 3 years ago.
Category: Law