Teacher's Pension - AVC's

DCLane

I'm on a Teacher's Pension and was persuaded to take out Additional Voluntary Contributions.

When asking the rep. from Prudential (in Doncaster) whether I could pay extra years into the Teachers' Pension I was told "no, I couldn't". Therefore I took out AVC's.

However, I've since found out I could.

I complained to Prudential who basically said "sorry, don't know who sold it. You've got no proof".

Which I haven't - I didn't keep minutes of the meeting and my diary is with the Metropolitan Police (it was used as evidence in a fraud case with me as a witness!).

Any suggestions of which to do next?

David

dunstonh

Prudential keep a record of everyone who sells their products, as do all providers. In reality, your complaint isnt with the advisor as he was a tied agent of Pru. He represented Pru and therefore you complain to them. You should ignore their attempts to fob you off.

However, in dealing with a complaint, they have to ensure that all possible alternatives were discussed and documented. If they are, then you have little grounds for success. If they are not, then you are in a stronger position. You do not need to provide proof. The complaints proceedure requires Pru to prove it was not mis-sold.

In reality, you may have a hard job anyway. Buying of extra years is often done on single premium basis. I'm not sure if regular contributions to buy extra years would have been available to you. If you are paying regular payments into your AVC and regular was not an option for added years, then its unlikely the complaint would be upheld.

KathrynPenguin

Hi I've been buying extra years in the teachers pension so I know a little but am no expert. You can buy them and spread the payments, not just a single premium basis so that might make it easier to start now. Also don't wait until you have the AVC business sorted if you want to do it, you buy years based on what you are earning at present so you are best off buying them when you are lower down on the pay scale, if you are moving up the scale every year then it will cost more in future.

I'd like to buy more than I am now but can't afford it and when I can afford it I will be on higher pay and it will cost me more. Ho hum.

DCLane

dunstonh wrote:

Prudential keep a record of everyone who sells their products, as do all providers. In reality, your complaint isnt with the advisor as he was a tied agent of Pru. He represented Pru and therefore you complain to them. You should ignore their attempts to fob you off.

Thanks. I'll contact them again. They simply stated that they had no records.

dunstonh wrote:

However, in dealing with a complaint, they have to ensure that all possible alternatives were discussed and documented. If they are, then you have little grounds for success. If they are not, then you are in a stronger position. You do not need to provide proof. The complaints proceedure requires Pru to prove it was not mis-sold..

OK - although I've got no details of the meeting.

Thanks for your help.

David

dunstonh

Thanks. I'll contact them again. They simply stated that they had no records.
........

OK - although I've got no details of the meeting.

Thats not your problem. It's theirs. You have a policy number that was sold by one of their advisors. Their records must show where that business came from. If it came from an IFA, it would show the IFA's agency number against it. As it was from a Pru rep, the same applies.

If they reject it again, take it to the ombudsman.

stephenadarglas

Don't forget the pensions ombudsman may be able to help. Also financial columns in national newspapers - companies hate having bad press e.g.the financial mail on sunday.