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Have I been mis-sold an Annuity?

Have I been mis-sold an Annuity?

It is often though that the purchase of a traditional annuity at retirement is a low risk transaction because the pension fund capital is exchanged for a guaranteed income for life. However, mis-selling may have taken place if any of the following apply: a) Options - the individual was not made aware of their options, such as buying the annuity from a different company from the one where they built up their pension fund (the ‘Open Market Option’). Furthermore, they may not have been informed of the other opportunities including Income Drawdown or, more recently, the ability to take the whole of the pension fund as a lump sum (albeit taxable). b) Health issues – the individual may have been in poor health, had a health impairment or may have been a smoker at the time the annuity was arranged, yet they are receiving a standard rate of pension. c) Death benefits – the individual was sold an annuity that will stop paying out when they die. If you think your Pension Annuity Transfer was unsuitable for you and you were mis-sold, please complete the contact form below.

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