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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 32086
Experience:  Over 5 years in practice
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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