We hear some real horror stories at Expert Pension Claims from our clients relating to mis-sold pensions and financial products, but there is one case which really stands out as being absolutely incredible.
The story was originally reported in The Telegraph newspaper back in 2015 but it’s only really now that it resonates, given the current climate where UK residents are seeking pension mis-selling compensation.
The story goes that Aviva, who are incidentally the UK’s biggest insurer, knowingly sold a pension designed for healthy customers, to a person who was seriously ill. In most cases, pension mis-selling can be put down to perhaps asking the wrong questions, or not gathering the correct information, but in this case the facts were known when the pension was sold.
According to the case details, Aviva employees were 100% aware that the saver was in poor health yet still signed her up to annuity which could have resulted in her receiving too little income for life and retirement.
Thankfully though this never came to pass, as Aviva accepted responsibility and ended up agreeing to pay the customer a significant compensation amount.
More details of the case emerged recently though, where it was reported that the customer told Aviva at the time or purchase that she was unwell due to a wide range of chronic health conditions.
If the lady, who wishes to remain anonymous, had been sold a different form pension plan then she would have been thousands of pounds better off – but instead was sold an annuity completely un-fit for purpose in her case.
The Telegraph went on to report and comment the following:
After reading about the emerging scandal in these pages late last year, she complained to Aviva in January. She involved her local MP who agreed to write to the firm on her behalf. But Aviva fobbed her off and ultimately rejected her case.
At Expert Pension Claims we often hear very similar stories from people who have been fobbed off by their pension supplier. It is very common, which is why we always recommend that you seek the support of a specialist when attempting to make a compensation claim.
The Telegraph went on to say the following regarding the customer’s health and medical conditions which Aviva were fully aware of when mis-selling the pension plan:
The customer had a number of health conditions. These included pseudomonas, a lung condition which causes respiratory problems and other unpleasant symptoms, holes in her lungs (called bronchiectasis), a mild form of cystic fibrosis and hypertension.
When the customer finally took her annuity in 2009, she asked again for an enhanced rate owing to her illness, but Aviva refused and sold her an ordinary policy instead. The customer received no financial advice – meaning she would have been reliant on Aviva’s generic “wake up” pack and other communications to outline her various retirement options.
The case does end in a happy story though we are pleased to say. The customer in question was eventually compensated the sum of losses which amounted to a few thousand pounds. This compensation agreement also means that the customer will see an increase in annual retirement income of 11% which is a welcome relief I am sure you would agree.
If you feel that you have been ripped off or mis-sold a pension and are being fobbed off, please seek professional support as this customer did. You can contact us by telephone or by completing the form on our website in order to proceed.
Our team give every caller a free and no-obligation consultation in order to see if they are able to make a claim for compensation.