Have You Been Mis-Sold Your Annuity?
Previously, a person going into retirement was obliged to hand over their pension fund to a Life Insurance company in return for an income for life. This was called an annuity. Recently the Government changed the rules and now it is no longer necessary to buy an annuity. Annuities were a massive source of profit for the life and pension industry.
However, we are seeing a new scandal emerge. When you bought the annuity the company should have sourced the best contract for you or advised you to do so. In many cases, they failed to enquire as to health and lifestyle and offered only their own company’s product. In many cases, this was not the best option.
Also if you had any health issues when you took out the annuity you should have received an enhanced annuity or put simply, more money each year. If you were never asked the health questions before setting the annuity you could be losing thousands in income.
If you believe you may have been a victim of annuity mis-selling, now is the time to act. Pension Justice are experts in claiming compensation for those who have been hit by annuity mis-selling. If you feel you may have a claim, do not hesitate. Contact Pension Justice today.
Annuity Mis-Selling – In Detail
Did your pension provider ask questions about any medical conditions you may have, before purchasing a pension annuity? Annuities have been mis-sold to thousands of unsuspecting people, who were not asked questions relating to their health. If you feel you may be one of those people, you could be missing out on additional income and entitled to make a claim.
Ask yourself these questions:
– At the time you purchased your annuity, were you suffering from any illnesses or medical conditions that you were not asked about?
– Were you informed by your pension provider or financial advisor that a better deal could be available to you through alternative providers?
– Did your pension provider or financial advisor fail to ask you about any smoking or drinking habits, or any other lifestyle habits you have?
If any of those questions were not fulfilled by your pension provider or financial advisor, you may have been mis-sold your annuity. If that is the case, Pension Justice may be able to help.
We work closely with you, doing all the legwork on your behalf to get you any compensation that you may be owed on a No Win, No Fee* basis. To receive free, no obligation advice from our team of experts, call Pension Justice today on 0800 014 8275, or complete the form below and one of our specialists will call you back.
*Fee payable if case is not pursued at client’s request
How Medical Conditions Affect Your Annuity
The amount of income that you receive from your annuity is based on your medical conditions and life expectancy. For that reason, it is of the utmost importance that your pension provider or financial advisor asked you about all illnesses and medical conditions you have.
For example, certain conditions that shorten life expectancy would result in you receiving a higher level of income from your annuity, as your income may be paid for a shorter period of time. This is called an enhanced annuity, and can result in a 20% – 100% increase in your pension income.
Below is a list of medical conditions that, if you were suffering from before your retirement, you could have been eligible for an enhanced annuity. This list is not exhaustive, and other conditions may have entitled you to an enhanced annuity.
– Aortic aneurysm
– Atrial fibrillation
– Chronic congestive heart failure
– Chronic kidney failure
– Chronic lung disease – for example COPD, Bronchitis, Pneumoconiosis
– Crohn’s disease
– Heart attack
– Heart Bypass
– Heart valve disorders
– High blood pressure (for which you were receiving treatment)
– High Cholesterol (for which you were receiving treatment)
– Multiple sclerosis
– Peripheral vascular disease
– Rheumatoid arthritis
– Ulcerative colitis
– and many others
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Our pension services
Are you eligible for a claim?
- You were advised to transfer away from a Final Salary Company Pension.
- Your new pension was not compared to a low cost stakeholder pension.
- You were advised to transfer to a Self-Invested Personal Pension (SIPP).
- You were placed into a high risk portfolio.
- You were not given annual reviews, ongoing support and projections.
- You were transferred away from a pension that had a higher tax free cash limit.
- You were charged ongoing servicing fees.