Featured ArticleAn Unhealthy Interest in Annuities
Ros Altmann has a well-earned reputation as a consumer champion and a campaigner in the field of pensions but, despite the many issues she has previously highlighted, she describes the latest pension mis-selling story currently unfolding as “possibly the worst mis-selling scandal ever seen in Britain”. Quite a claim when we consider the other possible candidates vying for that dubious accolade.
Alarms began to ring when Aviva, while conducting a routine check of annuity sales in 2013, discovered that about 250 pensioners had “lost out” because sales agents failed to ask vital health questions.
Reports now claim that as many as a quarter of annuities sold in the last seven years could have been entitled to a larger annuity, had the correct health/lifestyle questions been asked and acted upon. (more…)