DIG OUT OLD PAPERWORK – AND DEMAND ACTION

IF YOU are unsure whether the pension annuity sold to you was appropriate – and whether it fully took into account your circumstances when you bought it (for example, any health issues and your marital status) – then now is the time to take action. As is the case if you were not told of your right to shop around for a best value annuity.

Dig out any paperwork you have to hand, including your provider’s contact details and policy numbers. Then use The Mail on Sunday’s template letter to write to your annuity provider and demand an investigation.

If you already suspect you were mis-sold, skip straight to explaining why in the letter and demand compensation.

Keep a dated copy of the letter for your records. You might want to post it using Royal Mail’s ‘signed for’ service, giving proof the company has received your letter on a particular date.

Once your insurer has acknowledged your request, you must allow it time to investigate. If the company then explains how your policy was sold and you are satisfied it was above board, no further action is required.

If you believe it did not act in your interests at the time the annuity was purchased, make an official complaint explaining your position and right to compensation. The company has eight weeks to put matters right or to issue you with a refusal letter. At this stage you can then refer your case to the Financial Ombudsman Service, which can make an independent decision based on all the available facts. Visit financial-ombudsman.org. uk or call 0800 023 4567.