Annuity Claims
Was Your Annuity Mis-Sold?
Each annuity recommendation should match your circumstances at the time of sale, however, sometimes a standard annuity rate is not suitable. If you were in good health and a standard life expectancy was expected, then a standard annuity rate may be suitable. We’re proud to have recovered over £100 million since 2011 for customers like yourself. If you are eligible to claim, we can help to recover what you are owed, swiftly and hassle free. Get started with your 100% risk-free claim.
What is a Pension Annuity?
An Annuity is a type of retirement income product that provides a regular, guaranteed income for life or a fixed term. You buy an annuity using a lump sum from your pension pot. It is often used as a way to secure a stable income throughout retirement.
When approaching retirement you may have bought an annuity policy, which is similar to having a secure income for the rest of your life.
The value you receive each year is called your annuity rate and is dependent on the provider or Financial Adviser’s estimate on your life expectancy, considering your age, health, and lifestyle. In some cases, the Adviser looked at all your circumstances and offered you the most suitable annuity.
Unfortunately, some Advisers did not take all of this into account when making a recommendation.
What are the benefits and risks of a pension annuity?
Pension annuities offer a guaranteed income for life, providing financial security in retirement. However, their inflexibility can be a drawback. They can’t be altered once purchased, even if your financial circumstances change.
Additionally, inflation may erode their value over time, and they may not offer the best return on your pension savings.
Were you victim to a pension scam?
Find out how much you can claim.
Get a fair estimate of your compensation with our free, no-obligation pension assessment.
No Win No Fee
Over £100 Million Recovered Since 2011
99% Success Rate*
How were pension annuities mis-sold?
People taking Pension Annuities were often given incorrect or insufficient information at the point of sale. Advisers may have failed to explain all options, neglected to consider health conditions that might warrant enhanced annuities or pushed annuities despite better alternatives.
The mis-selling issue emerged from a culture prioritising sales over customers’ best interests, leaving many retirees locked into unsuitable or poor-value annuities, significantly impacting their retirement income.
Common signs of annuity mis-selling include…
You were not offered annuity options
Some Advisors were very keen to get the sale over and done with quickly without going through all the options and using high-pressure tactics. Commission sometimes came into the recommendation by choosing the option that paid the Advisor the highest fee. Were you given more than one option in the choice of annuity?
You incorrectly received a standard annuity rate
Each annuity recommendation should match your circumstances at the time of sale, however, sometimes a standard annuity rate is not suitable. If you were in good health and a standard life expectancy was expected, then a standard annuity rate may be suitable.
Each annuity recommendation should match your circumstances at the time of sale, however, sometimes a standard annuity rate is not suitable. If you were in good health and a standard life expectancy was expected, then a standard annuity rate may be suitable.
However, if your life expectancy was reduced due to poor health or you have had a life-limited condition you should have been offered an enhanced annuity rate.
Did any of the below apply to you?
- Smoking
- Diabetes
- High blood pressure
- High cholesterol
- Cancer
- Kidney Failure
- Rheumatoid arthritis
- Worked in a hazardous environment, such as with asbestos
Your Annuity finishes when you pass away
If you were married at the time, then you should have been offered the option to take out Joint Life Annuity instead of just your Single Life Annuity.
Undisclosed charges
Were all the charges fully explained to you? Sometimes “skimming over the details” occurs in annuity sales, which can leave you substantially worse off.
What should I do if I believe my pension annuity was mis-sold?
To establish if you have a claim for the mis-selling of your annuity, here at Return My Money we offer a free assessment service.
If you bought an annuity that you think could have been mis-sold, then contact us today on
0800 061 4585 to see if you are eligible to put a claim in.
Were you victim to a pension scam?
Find out how much you can claim.
Get a fair estimate of your compensation with our free, no-obligation pension assessment.
No Win No Fee
Over £100 Million Recovered Since 2011
99% Success Rate*