My state pension has been paid into a pension that I closed 13 years ago...what to do?

[DCSsunhill]

I opened a pension with a firm that I was working for in 1997 / 1998. Whilst I was there, I contracted out of SERPS. I closed the pension when I left in 1998.

I filed the documents away, knowing that the £1500 I had in there would not be accessible until retirement. I never heard from the company again, not once in 12 years.

I received a statement today, after letting the provider know that I had moved house. The plan had £10K in there! After telephoning them, it appears that they had carried on accepting my state pension (as I had previously contracted out). They have admitted that normally this ceases as soon as the pension is "paid up".

What to do? I had assumed that my NI pot was being filled, but it hasn't been. And if I had known that they were accepting this money on my behalf I would have stopped it immediately. I feel that they have been managing my money without my knowledge or say so.

They have launched an investigation. But I have so many questions...this money is in the stocks and share market and will have been subject to fluctuations in the market, whereas it would be a flat, safe figure in my state pension pot. I do not take risks with my money and feel funny that they have done it on my behalf for the oast 12 years.

apologies for long post. Any ideas?

what a nightmare.

could it be worth phoning the DWP to see what could be done re backfilling some of those years of state pension? did you take out any other pension in the subsequent years?

you will probably need professional advice- if they have continued to accept this- ie not closed the pension down properly and this cant be rectified then you need to have some idea of how this has affected you financially so you can discuss compensation- i doubt £10k is equal to12 years in the state scheme.