Retired Teachers and Doctors Can Still Claim Compensation for Mis-sold FSAVC Pension Plans

by | Nov 23, 2023 | Doctor and NHS Pensions, Pension Advice

Retirement is a time for relaxation, travel, and enjoying the fruits of your hard work. However, for some, the shadows of a mis-sold pension plans can loom large, casting doubt on financial security during retirement. Many public sector professionals, like doctors, dentists and teachers, will have much lower pensions in retirement as a result of being mis-sold FSAVC pension plans. The good news is that even if you’re retired and are no longer contributing to such a pension plan, it is still possible to claim compensation for being given bad advice in the past.

Why were FSAVC pension plans mis-sold?

Mis-selling of FSAVC pension plans to public sector professionals (and in the private sector too) has been a long-standing concern, where individuals were often pushed into unsuitable pension schemes. Reasons could range from incomplete information, misleading advice, or the failure to disclose critical details about the policy or more suitable alternatives available from within an occupational penson scheme.

Claiming compensation in retirement

Many people think if the opportunity to claim compensation disappears with retirement, or when contributions stop, but that’s not the case. Retirees can still claim compensation if they were mis-sold an FSAVC pension plan, despite not actively contributing to it anymore.

Why it is vital to check for mis-selling?

The mis-selling of pension plans can have long-term repercussions on your financial stability in retirement. Claiming compensation not only seeks to rectify the financial loss but also holds institutions accountable for their misleading practices.

Take action and get retirement back on track

Retirement should be a time of peace and enjoyment, free from financial worries caused by mis-sold pension plans. Remember, even if you’ve ceased contributions to your pension, you may still be eligible to claim compensation for mis-selling. Seeking professional advice and taking proactive steps to address the issue can pave the way for reclaiming your financial security.
While the process might seem daunting, many retirees have successfully reclaimed what was rightfully theirs. Don’t hesitate to take action towards rectifying a mis-sold pension plan and securing your retirement with the financial stability you deserve.

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