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Can you make a claim for a mis-sold annuity?

A mis-sold annuity can mean you end up left out-of-pocket in retirement even despite saving up a good amount in your pension pot!

If you’ve purchased an annuity to give yourself an income in retirement, read on to see if some of the classic signs of a mis-sold annuity apply to you – you may be able to make a claim for a mis-sold pension!

Spencer Churchill Claims Advice have experience recovering money from mis-sold pensions including final salary pensions and SIPP, but we’re just as passionate about righting the wrongs of a mis-sold annuity.

What is an annuity?

Buying a pension annuity policy is like buying an income for life in retirement.

It’s a bit like an insurance contract that guards against you living too long and your retirement fund drying up.

You buy an annuity with a lump sum – usually your pension pot. The annuity will then give you an income for the rest of your life in monthly or yearly instalments.

How much you get each year (your annuity rate) is based on when the annuity provider or financial adviser thinks you may die, based on things like your age, health and lifestyle.

This could be fine, provided your adviser has done their job right and made sure that you’ve been offered and signed up to a suitable annuity for you.

Sadly, that’s not always the case…

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How can I make a mis-sold annuity claim?

The first step to making an annuity claim is to establish whether you have the basis for a mis-selling claim, and for most people getting a firm grasp of the rules that financial advisers have to follow, and whether they may have been broken may be the difficult part.

Spencer Churchill Claims Advice are specialists in mis-sold pensions including annuity claims, final salary pension transfer claims, and mis-sold SIPPs, and offer the use of our knowledge, experience and claims strategy as part of a FREE initial assessment service.

Have a free, no-obligation chat with one of our experienced case assessors and we’ll help you discover whether you can make a claim.

If so, you may be able to come on board with our experienced team to have your claim made for you on a no upfront cost basis.

Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.

*Figures calculated before deduction of Success Fee and taxes


Have I been mis-sold an annuity?

Thousands of people who bought annuities with their pension pots may have been sold an unsuitable annuity for their needs.

You may have been mis-sold an annuity if:

  • You weren’t given all the annuity options
    High-pressure tactics used by some advisers looking for a quick sale may rush through the options. In some cases, they may only present the option that pays them the most commission. Did you get to look at other annuity options?
  • You wrongly received a standard annuity rate
    Different annuities suit different people. A standard annuity rate may be considered suitable for somebody who is reasonably expected to live to a normal age, and will pay out an accordingly reasonable amount (as the annuity provider could be paying it for years – a slow burner)If you were in poor health, were a smoker, had been diagnosed with life-limited conditions or had worked in a hazardous environment (asbestos etc), then a standard annuity may have been incorrect (as an enhanced annuity may have been more suitable, which would pay more money faster).
  • Hidden Charges
    The practice of “skimming over the details” is still sadly present in annuity sales, and many brokers may “skim over” things like brokerage charges that may have left you unreasonably out of pocket.

Annuity stops paying when you die
Death benefits are important too. If you are married, then you may wish to take out a Joint life annuity instead of a Single Life Annuity. But is that what happened when you bought your own?


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The Annuity Claim Process

Our tried, tested and proven pension claims process is how we base every mis-sold pension claim we make for our clients.

1. Free Initial Assessment

A free, no-obligation chat with one of our case assessors to see if you can claim

2. Investigating your claim

After you’ve signed up, we’ll continue to investigate your claim and gather the essential paperwork

3. We make your claim

We’ll put all of our experience, knowledge and strategy behind your claim to give it our best chance of success

Get your decision

Your claim will eventually receive a final decision – hopefully an offer of compensation!

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Mis-sold Annuity Claims FAQs

How can I tell if I have the right annuity for me?

If you took advice from your annuity provider or an independent adviser, hopefully you got the right advice based on your circumstances and ended up with a suitable annuity arrangement.

However, many annuities are mis-sold, often because people are offered a Standard Annuity when they should perhaps have been given an enhanced annuity.

Speak with a claims handler from Spencer Churchill Claims Advice to get a second opinion on your annuity advice.

What is a standard annuity?

A standard annuity may be suitable for somebody with no particular health problems, who expects to live a long (and hopefully happy life).

The rate at which the money is set to pay out is less than with an enhanced annuity, because the person is expected to life a long time – slow and steady!

What is an enhanced annuity?

While a standard annuity pays out slow and steady over a presumed long lifetime, an enhanced annuity may be more suitable for retirees who aren’t likely to benefit from a long life.

If you smoked, worked with hazardous materials, or have a shortened life expectancy, then an enhanced annuity MAY have been more suitable than a standard annuity because it pays out more money faster, as the annuity company does expect you to live as long.