Think you may have been mis-sold your Annuity?
Can you make a mis-sold annuity claim?
When we come to drawing our pension, one of the ways you can have it paid to you is by purchasing an annuity.
But there are different kinds of annuities, the selling of which can feature hidden charges, a lack of choices in your best interest, and your annuity can be mis-sold to you on a number of different but important points.
Finding out if you can make a mis-sold annuity claim can be as easy as putting a call into Get Claims Advice and speaking with one of our experienced claims handlers – it could be that you’re able to make a claim on a No Win – No Fee* basis!
What is a pension annuity?
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.
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.
How do annuities get mis-sold?
Annuities are a big deal – possibly your only income until you die, and something many people rely on in retirement, so getting the right annuity is important.
Getting the wrong annuity for you can have a huge impact on your life in retirement, as well as simply being unfair.
You may have been mis-sold your annuity if:
A) You weren’t given all of the options
High-pressure tactics and advisers looking for a quick sale may rush through the other options. Did you look at other annuity providers?
B) You wrongly received a standard annuity rate
Different annuities for different people. A standard annuity is for somebody who is expected to live to a standard age. If you were in poor health, were a smoker, had diagnosed life-limiting conditions, or had worked in a hazardous environment (think asbestos etc), then a standard annuity may have been incorrect (an enhanced annuity may have been more fitting, which pays out more money faster).
C) Hidden Charges
The practice of “skimming over the details” is still present in annuity sales, and many brokers may “skim over” things like brokerage charges.
D) Annuity stops paying when you die
Death benefits are important too. If you are married, then you may wish to take out a Joint life annuity instead of a Single Life Annuity. But is that what happened when you bought your own?
How can I claim for a mis-sold annuity?
Pensions are often regarded as one of the most complicated aspects of personal finance, due to their jargon-stuffed nature and complex rules and regulations.
That being said, a FREE Initial Assessment with the experienced claims team at Get Claims Advice could help point you in the right direction.
We’re specialists in pension mis-selling, and can help you discover if you have been mis-sold your annuity on any number of points.
If it looks like you do have a claim then the choice is yours: you can either take the claim on yourself, or come onboard with Get Claims Advice on a No Win – No Fee* basis, where we investigate your claim, collect the paperwork needed, as well as write, submit and fight for your claim.