S
sealine
Guest
Maybe some of the members on here could offer their thoughts on an issue which recently arose with a Closing Value on a company pension fund.
The company I work with, have a company pension scheme with a Financial Broker who decided to switch the Pension Fund from Eagle Star to New Ireland, in and around the summer of 2000.
This was done in June / July 2000 and we all thought it was done correctly. We thought no more of it until March of this year.
There were originally 24 members in that fund and it now transpires that Eagle Star issued cheques in March 2008 to 7 members of the scheme (of varying values), stating that the fund was valued incorrectly.
How could this happen?
Would this be a regular occurrence with a Financial Company such as Eagle Star?
What would trigger an Audit or a rechecking in 2008 of the Final Closing balance arrived at in 2000?
Would they just do a random sample recheck of a Pension Scheme? Or would they recheck every member of that scheme?
Would we be entitled to ask to how the fund was originally valued and portioned between the members?
To me this whole situation seems strange to say the least, but then again such financial matters are not a area where I would be well up on – hence any thoughts / advice welcome.
Thanks Sealine
The company I work with, have a company pension scheme with a Financial Broker who decided to switch the Pension Fund from Eagle Star to New Ireland, in and around the summer of 2000.
This was done in June / July 2000 and we all thought it was done correctly. We thought no more of it until March of this year.
There were originally 24 members in that fund and it now transpires that Eagle Star issued cheques in March 2008 to 7 members of the scheme (of varying values), stating that the fund was valued incorrectly.
How could this happen?
Would this be a regular occurrence with a Financial Company such as Eagle Star?
What would trigger an Audit or a rechecking in 2008 of the Final Closing balance arrived at in 2000?
Would they just do a random sample recheck of a Pension Scheme? Or would they recheck every member of that scheme?
Would we be entitled to ask to how the fund was originally valued and portioned between the members?
To me this whole situation seems strange to say the least, but then again such financial matters are not a area where I would be well up on – hence any thoughts / advice welcome.
Thanks Sealine