Intelligent Pensions is in the midst of an eight-month battle with the Pearl-owned closed-book provider, which began when a transfer value requested in June 2008 was quoted as £7,000 more than the fund value of £153,304. IP has since been supplied with seven different transfer values, some stating that an MVR applies, others applying a terminal bonus.
In the latest correspondence, Lorraine Hull from the customer care unit apologises for the mistakes, adding: “I regret that I cannot give you a suitable explanation as to why you have been provided with incorrect and misleading information.”
But in the same letter, she miscalculates the annual guaranteed minimum pension figure by multiplying the weekly amount by 55 weeks rather than 52 weeks and inaccurately claims GMPs, when transferred from a stakeholder plan to the personal pension, do not become protected rights.
IP technical director David Trenner says: “The frightening thing is the fact that these people do not know that pre-1997 GMPs become protected rights on transfer to a personal pensions, not to mention that there are 52 weeks in a year.”