Pyment Protection on my pension

18may

Hi, I took out a pension with Standared life 11 years ago. It is quite small. I've just recieved my annual statement and noticed an amount being paid out of my plan annually for "payment protection". I have absolutely no recollection of ever having discussed or agreed to this. I have no doumentation on what is covered either. I am now self employed (although wasn't at the time) so thats probably not even covered. I've never noticed pensions being mentioned when anyone is talking about being missold payment protection. Anyone any experience of this?

magpiecottage

This will almost certainly be a "waiver of contribution" payment. If you cannot earn through illness for an extended period it will take over meeting the monthly contributions to your plan, usually after six months, so that your pension pot continues to build up.

It is not PPI to cover a loan and is generally considered good advice.

dunstonh

It is not PPI to cover a loan and is generally considered good advice.

Plus, it is paid monthly (not single premium), is underwritten at point of sale (unlike PPI) and covers a major cost that has the potential to be your biggest outlay in your life. Some even get tax relief on the WOP premiums.

All the things that people complain about with PPI cannot be applied to a non-PPI product like waiver.

I am now self employed (although wasn't at the time) so thats probably not even covered.

employment status has nothing to do with waiver. Indeed, it just increases the "need" for it as self employed get lower state pensions and are therefore more reliant on their personal provision.