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Investment Claims

Pension Claims

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Mis-Sold Pension Drawdown Plans

Pension Drawdown

Pension Drawdown Plans are complicated retirement plans which give the policyholder access to their tax free lump sum and income, without initially having to purchase a Pension or an Annuity.

These plans are often known as Capped or Income Drawdown or Unsecured Pensions, although more recently they're known as Flexible Drawdown policies.

Unlike an Annuity, which has no associated investment risk, Income Drawdown plans require a certain level of investment return for the plan to be successful. Accordingly, they are only suitable for clients who are prepared to accept that their future retirement income may reduce as a result of poor investment performance and low interest rates.

All these risks should have been clearly explained and documented by the IFA at the advice stage.

Rather than being recommended as a specialist product suitable only for larger fund values to clients with a portfolio of additional assets, it has come to our attention that Income Drawdown has been sold, en masse, to clients who were not aware of the risks involved. Some Financial Advisers have been more motivated by the extra commission the product offers, which can be up to 5 times greater than that paid by purchasing a conventional Annuity. In addition to the initial commission Income Drawdown pays, the adviser may receive an additional annual payment to reflect the cost of reviewing the investment performance. However, many clients claim not to have received the reviews they were promised at the point of sale.

As a result of our research we now believe that some clients may have been inappropriately advised by advisers motivated by the commission these products offer rather than the needs of their client. In some cases clients have forgone valuable Guaranteed Annuity Rates (GARs) in favour of Income Drawdown.

If you are an Income Drawdown policy holder and you believe any of the following points are applicable to you; contact us for a free, no obligation, consultation to determine whether the initial advice and the subsequent reviews you have received were unsuitable to your financial requirements.

  • Your fund value has fallen considerably;
  • As a result of this, your income has also fallen;
  • You were not made aware of the potential risks involved;
  • You did not receive a detailed report prior to your application;
  • You were not made aware of the other methods to access your Pension funds;
  • You were not made aware of the level of commission payable to your adviser prior to your application;
  • You gave up valuable Guaranteed Annuity Rates in favour of your Income Drawdown policy;
  • Your retirement income is solely dependent on your Drawdown fund;
  • You have not received annual reviews from your adviser on the Pension funds performance and your requirements.

If any of the above is applicable you may be able to seek compensation.

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