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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 1810
Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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Just Answer,In 1999

Customer Question

Hello Just Answer,
In 1999 I was working abroad, I was advised by RBS to invest in an offshore Pension plan. Before any advise was given I completed a Client Profile from RBS where I clearly indicated that my priority was a to provide for my retirement and that I intended to retire in the UK. RBS advised the Friends Provident Guernsey International Pension would be best suited to my needs, that I would be able to receive tax free income when I retired. All of the documentation I received from RBS and the pension provider Friends Provident indicates that I would be investing in a pension plan.
When I returned to the UK in 20008 and tried to transfer my pension plan to a UK SIPP. I was advised by my FA that my funds had been invested in a bond/investment and not a pension plan. This meant that in order to transfer my lump sum to a UK pension I would have to cash in the bond/investment thus incurring a tax penalty as the money was deemed to be repatriated to the UK.
My plan was to transfer my money to a SIPP when I returned so that I could continue saving for my retirement. Any tax liabilities would have been met on receipt of my monthly pension payment when I retired. This has not been possible and I feel that I was misled in the advise I received. Not only that but I am now without a pension and whilst I have funds I have lost money which should have been in a pension to pay for my retirement.
I have contacted RBS regarding the above and they have rejected my complaint, which I'm extremely dissatisfied with as at no point in my discussions with RBS over the years was I informed that the product I had been advised to take as a pension was an Investment Bond.
I have since receiving their reply complained to the Jersey Financial Services Commission. I received a call from RBS Offshore Friday May 29th informing me that they have decided that I have been given correct advise regarding the pension I was advised to take. How every they do feel that there was an oversight in informing me of what process I should take when I returned to the UK.
Can you please advise me as to what my next step should be.
Yours sincerely,
Naina XXX
Submitted: 2 years ago.
Category: Finance
Expert:  Nicola-mod replied 2 years ago.
I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.
I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.
Thank you!
Expert:  Nicola-mod replied 2 years ago.
I apologise as we have not yet been able to find a Professional to assist you. Do you wish for me to continue to search for someone to assist you or would you like for us to close your question at this time?
Thank you for your patience,
Expert:  Nicola-mod replied 2 years ago.
Please understand it is rare for us not to be able to find the right Professional to assist our customers. We can close this question and return your good faith deposit to the original funding source on request.
Please let me know how you wish to proceed and again I apologize for any inconvenience this may have caused.
I hope you will give JustAnswer a try again in the future,
Customer: replied 2 years ago.
Dear Nicola,Thank you for your reply.I'm a little disappointed and would like to cancel/delete my question and have my funds refunded please.Warm Regards
Naina Mistry