Pension Annuity2021-03-17T13:39:16+00:00

Have you been mis-sold a Pension Annuity?

An annuity is an insurance policy you purchase with your pension pot to provide you a guaranteed monthly income for the rest of you life.

By submitting your enquiry, you agree to our privacy policy and agree we may use the contact details provided to contact you about your annuity.

A Few Reasons To Claim Now

Recovering Lost Income

You may be receiving a far lower income that you should be. Although an annuity cannot be changed we may be able to recover any income you have lost since retirement.

Provide A Lump Sum To Cover Future Losses

If you should have been receiving a higher income, we can also help recover a lump sum to cover your future losses.

Putting You Back In Control

Taken as a lump sum, you have control and freedom over your recovered pension losses.

Why use Quanta Claims?

Besides the fact that we are fully authorised and regulated by the Solicitors Regulation Authority, we specialise in financial redress meaning we have a wealth of experience in assisting clients affected by mis-selling or when given poor financial advice.

With this experience, we have created a fast and effective method of ensuring clients not only recover everything they are entitled to but it is done in the most effective and efficient way possible.

Communication

We pride ourselves on keeping our clients updated throughout their claim. If you ever need an update on your case, you are always welcome to contact us direct

No Win No Fee**

Handled on a true No Win No Fee basis meaning that you will not have to pay anything unless you receive financial benefit!

Can you make a claim?

Annuities are an insurance product purchased using your carefully nurtured life savings, know as your pension pot. Swapping your pension savings for an annuity provides you a guaranteed lifetime income. Until recent pension freedoms were introduced by the UK government, almost all pension savers were forced into purchasing an annuity. Depending on the size of your pot and how you wanted your money distributing, your pension provider would offer you a guaranteed income in exchange for your savings.

There are factors to consider when purchasing an annuity that will impact the size of your income:

  • Your pension pot value; The more you have saved, the higher your income

  • What happens upon your death; If you wanted to ensure your spouse or children continued to receive an income on your death, your initial income would be reduced

  • Open Market Option; Annuity providers are in competition with each other to offer the “best rates” – shopping around would often lead to a higher income

  • Your life expectancy; Lifestyle and health play a big part on your income. Impaired health affects your life expectancy, a shorter life expectancy should give you a higher income as your pension pot is being spread over a shorter period of time. This is called an enhanced annuity

Common mis practices :

  • It is extremely common for savers to purchase their annuity through the same company that holds their pension pot. This is because they have the inside information on your retirement age and pension pot. Often offering services up to a year prior to retirement age. All pension providers have a regulatory obligation to inform all of their customers that they have the right to shop around on the “open market” for their annuity. Also highlighting that doing so may result in a better income. This was often overlooked, hidden in the small print, contradicted or completely removed in communications to clients. If you do not recall receiving any information relating to the open market option, you may be entitled to compensation as other, more suitable products may have been available to you.

  • Despite health and lifestyle factors playing a major part in the value of your annuity, pension providers often overlooked these and only offered standard annuities, where an enhanced annuity should have been provided. An enhanced annuity should have been discussed with you if:

    • You were a smoker
    • You drank excessive levels of alcohol
    • You have pre-existing health conditions
    • Existing medical conditions
    • Anything else that may impact your life expectancy

Frequently Asked Questions

Below you can find some of our most Frequently Asked Questions. Click on a question to view the answer.

What Is No Win No Fee?**2021-03-17T14:51:43+00:00

Simply put, this means that unless your claim is successful and you receive compensation we will not charge you for any of the services we have provided.

How Long Does It Take?2020-09-08T20:41:02+01:00

Whilst we are extremely efficient at what we do, dependant on what route we need to take your claim down impacts how long it takes. Standard dispute guidelines allow 8 weeks for a final decision to be reached,  however in other situations we may need to lodge a complaint with the Financial Ombudsman Service which can take longer.

What Do I Need To Do?2021-03-17T13:41:24+00:00

We try to keep your involvement to a minimum, it’s been stressful enough if you have been missold!

Once you have completed your claim form, you should receive a “Form of Authority”, which gives us permission to act on your behalf. So other than letting you know where we are up to and what we are doing for you, it should be a case of sitting back and relaxing knowing that the experts are working on your claim!

If I Win, What Are Your Fees?2020-09-29T09:16:47+01:00

Our normal fee will be 25% + VAT of any compensation offered which is considered standard within the industry. This means, for example, if we succeed in obtaining Compensation of £1000, Our fees would be £300. You would receive £700. If your loan is reduced by £1000 our fees would be £300. If your loan is reduced by £500 and you also received £500 in cash your total financial benefit of £1000 will be billed at £300.

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