A man aged 79 received a letter from a UK pension company advising him that they should have paid him a pension from his 65th birthday, but hadn't, and that he should contact them to arrange for payment. He had not changed address but had never received any correspondence from the pension company. The value of the pension at his 65th birthday had been calculated, and interest of 3% p.a. had been added since that date. What additional compensation, if any, should he be entitled to?
By way of background info, many years earlier he claims that he had a recollection that he had set up a pension (one of several) many years earlier, through his company, but his company had since folded, and he could find no policy document (he may never have received one from the broker, who had also since gone out of business). He could not find any trace of the pension company either to contact them (the company had changed ownership - and name - several times in the intervening years) and had assumed (naiively) that there was nothing to look for anymore.
By way of background info, many years earlier he claims that he had a recollection that he had set up a pension (one of several) many years earlier, through his company, but his company had since folded, and he could find no policy document (he may never have received one from the broker, who had also since gone out of business). He could not find any trace of the pension company either to contact them (the company had changed ownership - and name - several times in the intervening years) and had assumed (naiively) that there was nothing to look for anymore.