Was waiver of contribution mis-sold?

moragtodd

Waiver of contribution benefit was included in my personal pension set-up, deductions being made from my contributions. I was at the time (and have been ever since) self-employed so can't see that I could ever have claimed this benefit. Was this a case of mis-selling like the PPI we hear so much about?

dunstonh

I was at the time (and have been ever since) self-employed so can't see that I could ever have claimed this benefit.

What does the fact you were self employed have to do with waiver of premium? Your assumption it has an impact is incorrect.

Was this a case of mis-selling like the PPI we hear so much about?

You havent given any mis-sale reason. So, why do you think it was mis-sold?

Waiver is still today something advisers should recommend as default and document why it is not taken out (if it isnt). You dont see it much nowadays as it no longer gets tax relief on premiums for new applications. So, PHI tends to be prioritised in its place.

moragtodd

Obviously I don't understand it. But the contributions I make to the plan vary depending on my earnings from my self-employment, and if I were not earning due to incapacity how could the level of contributions be determined so that the waiver could be applied?

moragtodd

I don't think my previous post explained the position. My contributions to this plan have been single, annual contributions based on my level of earnings. They're not regular monthly contributions.

dunstonh

But the contributions I make to the plan vary depending on my earnings from my self-employment

The contributions have nothing to do with self employed earnings. They have to do with your contribution amount, age, term and health.

My contributions to this plan have been single, annual contributions based on my level of earnings. They're not regular monthly contributions.

Pensions can still be regular if paid quarterly, half yearly or yearly. It is only one off ad hoc payments not on any schedule that are classed as single premium.

moragtodd

OK - thanks - that makes a bit more sense. Still don't really understand how, had I had to claim, the level of "waived" contribution would have been set, as my single contribution amount was different every year. Still, it's academic now as (a) I cancelled the waiver a couple of years ago and (b) I plan to retire soon anyway. Thanks again.