Check if your FSAVC Pension Plan was mis-sold

Tens of thousands of public sector workers, including teachers, doctors, and dentists, were encouraged to ‘top up’ their pensions with FSAVCs, sold by insurance companies.

These plans often came with high fees and fewer benefits than in-house schemes, leading to poor outcomes for consumers.

The financial impact was so severe that Regulators launched a review. However, many people were left out due to insurer lobbying.

Do you think you might have been a victim of FSAVC mis-selling? Read more about the FSAVC mis-selling scandal below and take the free “60 Second Mis-selling Test”. Or simply call Greg now on 0151 329 0775 or 07788 630037; or email greg@pension-claims.com

What is an FSAVC?

FSAVC stands for “Free Standing Additional Voluntary Contributions” and these ‘top up’ schemes were mainly sold during the 1990s, usually (although not exclusively) to public sector professionals. FSAVC policies are very similar to standard personal pensions. You pay your contributions into an investment fund and the final pension is determined by the performance of the assets in the fund (usually company shares).

You may have been mis-sold an FSAVC if:

1. You were not fully informed of the pros and cons of all available options, including paying more into your employer’s pension scheme
2. You were told the FSAVC was the only viable option
3. You were not warned how investment risk could seriously damage your retirement prospects
4. You were not properly informed of all the charges that would be levied on the policy and how they would adversely impact the final value
5. You were not warned about the possible adverse tax consequences of paying into FSAVC pensions

You may have been the victim of mis-selling if you were not made aware of these points (amongst others) and you may end up with a much lower pension as a result. Most people would have been much better off paying more into their employer’s pension scheme.

You can read much more about FSAVC mis-selling and how to claim compensation on the FSAVC FAQ page or read the articles (and watch the videos) on the Blog page, or simply start your claim now by contacting Greg straightaway.