The Tax Scandal invented by George Osborne (as discussed in the Guardian) taxes money already built up in an occupational pension at 55%. Retrospective Tax on Pensions has not been revoked but gives a window to obtain compensation in cash – it may not last long so there is a reason to act now for any mis-sold pension.
Many thousands of Doctors newly qualified in the 90’s were targeted by companies such as Allied Dunbar, Wesleyan, Lincoln National (Now Sun Life Financial of Canada), also sold by, City Financial, Verdi, Bowker & Bowker, and many other independent financial advisers sold Free Standing Additional Voluntary Contribution (FSAVC), Stakeholder and personal pensions may not have been suitable if your company scheme had enhanced benefits. Most doctors, teachers and government employees should make a claim for compensation. However, there is a catch – TIME BARRING – if applied, may prevent claims in the future, however you can pursue your own claims by writing to the product provider or using the Financial Ombudsman Service or FSCS.
Making a claim for yourself – this type of claim is complex and unlike PPI is usually high value. You can only make a complaint ONCE, and so it is advantageous to use a reputable specialist company who will fight every claim on your behalf (and who are experts on the Regulation of the pension mis-selling review rules) to ensure you receive the maximum compensation.
PPI is being time barred this month, Endowments were time barred previously, so will long term pension claims be the next product to go the same way – ACT NOW to ensure you obtain justice.
Credits: The Guardian July 2019