sold wrong pension plan advice needed

[Haven]

Not sure if this is the right place to ask this, however, I was sold a pension plan back in 1991 and in it there was also a death benefit. The plan had an increase in premium each January to allow for inflation. My issue is that this plan has turned out not to be a pension but really a death benefit plan as the increase each year in premium is taken into the death benefit cost. As I have aged, so has this premium and not the pension contribution. Last year, this has seen my monthly contribution end up with 70% going to the death benefit and 30% to the pension pot. At the time of taking the plan, this was not the intention. I'm told that this type of policy is not sold anymore but I would like independent advice on what I should do.

 

[MugsGame]

Is the advisor that sold you the product still in existence?
What documentation did you receive at the time?
When did you first realize there was an issue?

My first port of call would be to complain to both the advisor and the provider.

I think you may be outside both the statute of limitations for the Ombudsman.

There are certain time limits for bringing cases to the FSPO. These are:

• 6 years from the date of the act that has given rise to your complaint or dispute
• 3 years from the date that you became aware of or should have become aware of the Act

The Ombudsman has discretion to consider a complaint or dispute outside these timeframes but cannot go back further than 13 April 1996.

There is a bit of a grey area in your case, since the flip to majority death premium from majority pension contribution no doubt occurred after 1996, and that act is at the root of your issue, and could not have been apparent beforehand.

If you can find others in your situation, publicity (e.g. Joe Duffy) or political pressure might force some progress, but I doubt you are going to be 'made whole', i.e. put in the situation you expected to be in had you had a majority pension product.

 

[jasdpace@gmail.]

Who was the plan with?

Do you have anything in writing regarding what was promised?

Did you get annual statements?

What info did you get/seek in the intervening years?