When you retire you expect to be able to rely on an annuity to provide a regular income. It is therefore extremely important that the advice you are given in respect of your annuity is right for you. Unfortunately, this is not always right, and, in some cases, you receive unsuitable advice and are left with an annuity which is not sufficient for your specific needs. This can result in significant worry and concern.
Problems can arise when you are not properly advised of your options. As with many financial products, the mis-sale of annuity products normally stems from the advising company failing to consider your personal circumstances (such as preexisting medical conditions) or reviewing all the potential annuity products available at the time.
If you have had any health issues when you took out the annuity you should have received an enhanced annuity or more money each year. If you were never asked the health questions before setting up the annuity, then you could be losing thousands in income. Before bringing a claim, it is important to consider the following:
- At the time you purchased your annuity, were you suffering from any illness or medical condition that you were not asked about?
- Were you informed by your pension provider or financial advisor that a better deal could be available to you through alternative providers?
- Did your pension provider or financial advisor fail to ask you about any smoking habits or drinking habits, or any other lifestyle habits?
If any of the above apply to you then you may have a claim for a mis-sold annuity.
The amount of income you receive from your annuity is based on your medical conditions and life expectancy. For that reason, it is extremely important that your pension provider or financial advisor asked you about all illness and medical conditions before proceeding. Certain conditions that shorten life expectancy would result in you receiving a higher level of income from your annuity as your income may be paid over a shorter period of time.
Below is a list of medical conditions that, if you were suffering before your retirement, would mean that you could be eligible for an enhanced annuity. This is by no means an exhaustive list: Angina; Aortic Aneurysm; Atrial fibrillation; Cancer; Chronic congestive heart failure; Chronic kidney failure; Chronic lung disease such as Bronchitis or Pneumoconiosis; Crohn’s disease; Diabetes; Epilepsy; Heart; attack; Heart Bypass; Heart valve disorders; High blood pressure (for which you receiving treatment); High Cholesterol (for which you were receiving treatment); Multiple sclerosis; Parkinson’s disease; Rheumatoid arthritis; Smoking; Stroke; Ulcerative colitis.
