Can i claim PPI on Pension Policy?

experience08

Can i claim PPI on a pension policy sold to me?
Thanks

the_knitting_drummer

Yes, in the same way that I can claim PPI on an ice cream sold to me.

dunstonh

Pensions dont have PPI. They have waiver of contribution. Its a different product.

The answer is you can complain about anything you like. However, a complaint about waiver on a pension is unlikely to succeed as 1) its best advice to have it 2) its underwritten at point of sale 3) its done under advice process (unlike most PPI) so there would be a reasons why letter/suitability report as well as a needs analysis.

It would be interesting to know why you think your waiver of contribution was mis-sold?

roonaldo

the_knitting_drummer wrote: »

Yes, in the same way that I can claim PPI on an ice cream sold to me.

I had ppi on an ice cream I bought, as it melted and unfit for use I managed to claim back a 99 but had to give the flake to the CMC.

the_knitting_drummer

roonaldo wrote: »

I had ppi on an ice cream I bought, as it melted and unfit for use I managed to claim back a 99 but had to give the flake to the CMC.

Well it sounds like you got to the sauce of the problem, they try to cone you in. it's just nuts

experience08

roonaldo wrote: »

I had ppi on an ice cream I bought, as it melted and unfit for use I managed to claim back a 99 but had to give the flake to the CMC.

I want some free lolly, not ice cream

experience08

dunstonh wrote: »

Pensions dont have PPI. They have waiver of contribution. Its a different product.

I guess that's a NO then.

dunstonh

experience08 wrote: »

I guess that's a NO then.

Its a no. Mainly as its a different type of product (so issues that apply to PPI dont apply to WOP) and whilst you can complain about any product going if you want, you havent given any reason why you think you were mis-sold.

If you cant tell us why you think it was mis-sold then you dont stand much chance when you try and tell the FA or IFA whey you think they mis-sold it. Especially when advised cases have the audit trail that makes justifying it an absolute doddle.

You dont actually see waiver so much nowadays. When you used to get tax relief on it, it was a good thing to have. When tax relief was removed for new business it became a lot less popular. Many pension providers also started to cease offering it as people looked to PHI instead as an alternative option (I doubt they would look to PPI as it would not be as good as Waiver).

jackiemay_2

I have just read that PPI is not a product used with Pensions but that its called a waiver. I wonder if you can help me, we have had a letter from the Pru advising that my PPI is due to finish on 1st August. Didn't know we had PPI and I want to know now whether we can put in a claim. Do you know what our next step we should take now?

dunstonh

jackiemay wrote: »

I have just read that PPI is not a product used with Pensions but that its called a waiver. I wonder if you can help me, we have had a letter from the Pru advising that my PPI is due to finish on 1st August. Didn't know we had PPI and I want to know now whether we can put in a claim. Do you know what our next step we should take now?

Is it just a coincidence on the initials or do they call it payment protection insurance? it could be personal pension insurance or some other internal marketing name.


It is hard to claim any mis-sale of waiver on pensions as:
1 - its underwritten at point of sale and you are asked medical details
2 - its on the personal illustration
3 - it will be included in the suitability report (even today we have to recommend it and say why you dont include it if you dont)
4 - it doesnt overlap with any employer benefits
5 - it is not single premium (indeed older waiver of premium payments can get tax relief)

I think at this stage you need to verify the product you have before putting a complaint in.

jackiemay_2

Thanks for coming back so quickly. They refer to it as "payment protection" twice.