LinkBack URL
About LinkBacksMany pension companies are stealing pensions
from trustees, claiming the Tax man is at fault.
The trustee decides to return the money to administrator
but the pension company kepts the money. Pension
companies are also stealing pension funds.
Many pension companies are stealing pensions
from trustees, claiming the Tax man is at fault.
The trustee decides to return the money to administrator
but the pension company kepts the money. Pension
companies are also stealing pension funds.
I am not quite sure what you are getting at here but I have suspected for years that there is a massive potential for fraud in the whole private pensions business.
The customer is given no records of the money paid in monthly and as we saw in our banking sector it would be so easy to take an extra 0.1%-2% on each monthly contribution. Reductions in pension fund value are always fobbed of as falling price of investments. It would be so interesting to do a random forensic trawl of where pension contributions were allocated and whether charges were for the amount stated on a few thousand customer pension funds. With FF in office this will never happen.
I have found it impossible to get any transparency from brokers/fund managers for years so my only conclusion is that there most likely is fraud, possibly on a massive scale.
As anything from 20-40 years may have elapsed before anyone claims there is no possibility of any redress in the future.
Another example of self-regulation or in this case no regulation from the Financial regulator?
It gets worse. If you are in a private pension scheme and a proposal comes up to flog the pension plan off to a private company BE VERY CAREFUL.
There are US companies moving in to London and making offers for pension funds in deficit and then flogging them on like with securitised debt. I wonder how much gets nicked via 'management fees' whenever something like this happens?
In this case the bank is breaking the laws of Ireland because
the terms and conditions state the trustee will hold the
benefits of the plan and the trustee is the legal owner or
boss of the pension and is allow to take the money from
the pension company and give the pension money to the
administrator.
It is very difficult even to get the matter to court, the pension
company kepts talking by telephone to corrupt and stop solicitors
from doing there job.
I opened this thread obviously having misread the title, thinking is was "Crime IS banking" Oh, well.
Fianna Fail - The Loss of Sovereignty Party.
Are you aware of the definition of 'trustee'? It is not the policy holder.Originally Posted by load1234
I would suggest that you look at websites of pensions ombudsman and pension board. Yes, there are two separate bodies charged with overseeing pensions with a background of appallingly weak legislation.
The pension board is chaired by an ex anglo-irish bank guy who before joining the board had an investment company that lost about €800 million euro.
He was appointed by FF. You could not make it up!!
I would recommend all private pension (defined contribution) policy holders ask trutees of their scheme for fully audited breakdown of all contributions and fees and destination of all investement contributions. They are not obliged, it seems, to provide this but it is worth asking for.
definition of 'trustee
Trustee
An individual or a company which alone or jointly becomes the legal owner
of property to be administered for the benefit of someone else
(the beneficiaries), in accordance with the provisions of
the document creating the trust and the provisions of trust
law generally and the Pensions Act. Any person may be
appointed as a trustee, and a corporate body can also be selected.
Does the pensions ombudsman and pension board know what a trustee is,
the answer is no, pensions ombudsman and pension board both admit they
work for the pension company, I guess the pension company must be paying
their wages.
The Trustee who is the legal owner and registered administrator can move
the money under law from the pension company but the pension company
with the help of the government are stealing the fund. The trustee is
allowed to move the pension funds to a safe location.
The problems I have is the pensions ombudsman and pension board
do not know the pension laws and tend to follow government policy
and not the laws of Ireland.
The Financial Services Ombudsmans also does pensions queries which is
against the laws no surprise there.
Why are pensions ombudsman and pension board and Financial Services Ombudsmans staff not given basic training in pension laws this I do not understand.
I know the laws and I want the laws to be applied.
Reply With Quote