What is a pension annuity?
A pension annuity is a contract between you (the purchaser or owner) and an insurance company. In its simplest form, your pension savings are exchanged with a life assurance company for an ongoing income until you die.
Once you have purchased a pension annuity you cannot change the benefits linked to the contract so your employer, insurance company or financial adviser must ensure they provide you with certain information to enable you to make the correct and informed decision.
The purchase of an annuity is for some the biggest and most important financial decision they will have ever made.
Just by shopping around for the best deal could increase your pension income by 75% compared to the amount of money your current pension company might offer you for their basic conventional pension annuity.
When you purchased your annuity were you given the correct advise or were you made aware of all the options available to you?
Have you been mis-sold a pension annuity?
If you have purchased a pension annuity, there is a possibility that you may not have been asked all the correct questions or provided with all the possible choice options to ensure you could make an informed choice of the correct annuity policy for you.
If this is the case then you may have grounds to contest that the policy was sold on competent advice and therefore may be able to make a complaint leading to a compensation award.
To view more detailed information regarding possible mis-selling go to our Can I Claim page