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Buachaill
Buachaill, Barrister
Category: Law
Satisfied Customers: 10178
Experience:  Barrister 17 years experience
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Buachaill, I have a question regarding a valuation of a company pension lump sum whi

Customer Question

HelloCustomer I have a question regarding a valuation of a company pension lump sum which was given to me (from the company). Around one year later, I was given a subsequent valuation which was GBP 100,000 lower. The explanation I was given was that it had been a mistake, apologies etc. Do I have any recourse with the company as I had made financial plans based on the original valuation?
Many thanks,
Roderick Maxfield
Submitted: 7 months ago.
Category: Law
Customer: replied 7 months ago.
I have communication from the company with the original valuation which was GBP 475,000. The subsequent valuation was then given as GBP 375,000. I am not questioning the lower valuation, as it is a reputable company, but questioning my position having been given a valuation which was significantly different and by their own admission was an error on their part.
Expert:  Buachaill replied 7 months ago.
1. Dear Roderick, I regret to say that the law does not impose liability where there has been a negligent valuation of a person's asset. The true or real valuation still applies. The law does not make the negligent valuer pay up to the amount of the incorrect valuation. This applies not just in relation to pension amounts but also in relation to negligent valuation of a person's property. A mere error in this situation does not make the maker of the valuation liable in the amount of the incorrect valuation. So, I regret to say that you will have to make do with the correct amount in your pension. The pension company are not made liable in the amount of the mistaken valuation.
Expert:  Buachaill replied 7 months ago.
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