Thank you mail,
I am already putting together a file Pension Ombudsman but need some knowledge on these 2 points.
A) Can they keep the extra interest as their profit credited to the Headline/Treasury Account and keeping this a secret without advising the client who is paying to them yearly investment fees, although we had the higher rate 2.5% over base confirmed by Letter to my solicitor at the time the funds were paid into the Bank by the Pension Companies Broker.
B) The Pension Company admit they had the confirmation rate letter at 2.5% over base sent to them which they filed at the time the funds were paid into the Bank. If this was not the rate to be applied and paid to our account they should of picked it up at that time they received the Letter. I have copies of emails from managers within the Pension Company admitting to each other that they should of picked it up at the time it was received if this was not the rate to be applied and why not. This was the only rate ever quoted from 1994, no other rates were supplied by the Pension Company their Manager said he thought the rate was quoted in the Telegraph News Paper to see if there were any changes to the rate of interest, not true.
I need answers on these points so I can complete my application to the Pension Ombudsman but need to know where I stand first on:
A). Is the Pension Company libel to refund the difference from 1,875% below base to 2.5% above base as the Letter is the only rate ever confirmed ?
B) Are they also libel if they have been keeping a secret profit ? The Bank have advised me verbally that they proved accounts with a 2.5% over base rate in a Headliner/Treasury Account. Also they confirmed verbally that our account numbers held in the Name of the Pension Company and ourselves on the Banks Computer System showed a current rate of 2% over base in 2012/13 but only 1.875% below base had ever been credited, but nothing since 2002.