A mis-sold annuity can mean you end up left out-of-pocket in retirement even despite saving up a good amount in your pension pot!
If you’ve purchased an annuity to give yourself an income in retirement, read on to see if some of the classic signs of a mis-sold annuity apply to you – you may be able to make a claim for a mis-sold pension!
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Buying a pension annuity policy is like buying an income for life in retirement.
It’s a bit like an insurance contract that guards against you living too long and your retirement fund drying up.
You buy an annuity with a lump sum – usually your pension pot. The annuity will then give you an income for the rest of your life in monthly or yearly instalments.
How much you get each year (your annuity rate) is based on when the annuity provider or financial adviser thinks you may die, based on things like your age, health and lifestyle.
This could be fine, provided your adviser has done their job right and made sure that you’ve been offered and signed up to a suitable annuity for you.
Sadly, that’s not always the case…Speak with a claims handler today
The first step to making an annuity claim is to establish whether you have the basis for a mis-selling claim, and for most people getting a firm grasp of the rules that financial advisers have to follow, and whether they may have been broken may be the difficult part.
Get Claims Advice are specialists in mis-sold pensions including annuity claims, final salary pension transfer claims, and mis-sold SIPPs, and offer the use of our knowledge, experience and claims strategy as part of a FREE initial assessment service.
Have a free, no-obligation chat with one of our experienced case assessors and we’ll help you discover whether you can make a claim.
If so, you may be able to come on board with our experienced team to have your claim made for you on a No Win – No Fee* basis.
Speak with a specialist
Our tried, tested and proven pension claims process is how we base every mis-sold pension claim we make for our clients, always on a No Win – No Fee* basis.
A free, no-obligation chat with one of our case assessors to see if you can claim
After you’ve signed up, we’ll continue to investigate your claim and gather the essential paperwork
We’ll put all of our experience, knowledge and strategy behind your claim to give it our best chance of success
Your claim will eventually receive a final decision – hopefully an offer of compensation!
If you took advice from your annuity provider or an independent adviser, hopefully you got the right advice based on your circumstances and ended up with a suitable annuity arrangement.
However, many annuities are mis-sold, often because people are offered a Standard Annuity when they should perhaps have been given an enhanced annuity.
Speak with a claims handler from Get Claims Advice to get a second opinion on your annuity advice.
A standard annuity may be suitable for somebody with no particular health problems, who expects to live a long (and hopefully happy life).
The rate at which the money is set to pay out is less than with an enhanced annuity, because the person is expected to life a long time – slow and steady!
While a standard annuity pays out slow and steady over a presumed long lifetime, an enhanced annuity may be more suitable for retirees who aren’t likely to benefit from a long life.
If you smoked, worked with hazardous materials, or have a shortened life expectancy, then an enhanced annuity MAY have been more suitable than a standard annuity because it pays out more money faster, as the annuity company does expect you to live as long.