Mis-Sold FSAVC Pensions
The pension industry is complex and it is very easy to fall foul of mis-selling with FSAVC pensions. If you agree with any of the points below, you may be able to put in a claim for compensation for having been mis-sold an FSAVC.
- You were not told about the higher costs for FSAVC pensions.
- You were not told how your funds would be inventions.
- Additional Voluntary Contributions were not explained to you, and you did not know you could make them to your existing occupational pension scheme at any time.
- You were not told that your employer would contribute to your AVC, but that they would not contribute to an FSAVC.
- The difference between the FSAVC and AVC schemes were not made clear to you.
About Mis-Selling With FSAVC Schemes
A pension is a low-risk, long-term investment and FSAVC (Free Standing, Additional Voluntary Contribution) pensions are similar to your personal policy, but they can be used by a member of an occupational pension scheme to increase the amount they have in their pension pot.
The contributions will be paid directly to the provider of the FSAVC who will then invest the contributions. As the investments produce a return, the funds can be used upon retirement. The issue is that it is unlikely that the FSAVC will produce benefits as good as those that are generated by an AVC.
Before April 2006, employees could contribute up to 15 percent of their salary to an FSAVC (and other pensionable benefits were also counted). After that date, the limit was lifted and it was possible to contribute as much as you wanted up to a fixed maximum amount. The FSA has raised concerns that there is a significant risk of financial loss with an FSAVC, particularly for those that are converted into a personal pension. In a lot of cases, pension holders were not given good advice, and they are viewed as having been mis-sold their pension.
Claiming for FSAVC Mis-Selling
We are one of the leading FSAVC mis-selling claims specialists, and we are here to help people who have suffered financial loss. Goldman Knightley is a team of former financial advisers and bankers and we have extensive experience with the claims process. We will navigate the complexities of the process for you to get the best possible result, while delivering a friendly and approachable service.