ppi linked to private pension

L_Venn

new to this sorry hope you can help lots of calls offering to claim back on loans etc but no one seems to know if ppi sold with a private pension can be claimed back if i contact them are they legally bound to investigate thanks for any help:)

McKneff

I seem to remember the same question being asked a couple of weeks ago and one pension person said that it wouldnt be PPI, it would actually be a waiver of premium, so nothing to do with PPI im afraid.

I'm sure that they will be along later to confirm.

dunstonh

but no one seems to know if ppi sold with a private pension can be claimed back

You just having been asking the right people. Pensions cannot have PPI on them.

The only bolt ons to pensions are waiver of contribution and pension term assurance. Neither are PPI.

if i contact them are they legally bound to investigate

Yes they are and it is an easy rejection. The answer being "you dont have PPI".

McKneff

I knew you'd come up trumps Dh

I thought it was you but didnt like to mention your name just in case I was wrong:D

Phil.o

I have also been looking for answer to mis-selling of payment protection linked to personal pensions and was interested to see this response.

I have since double checked our annual statements. In a section headed 'money paid out of your account' there is one entry 'cost of payment protection' this was £25 for the year. This is on a personal pension, is this something different to PPI ?

dunstonh

This is on a personal pension, is this something different to PPI ?

Yes. You cannot have PPI on a pension. Pensions are issued by life assurance companies (although not always the case nowadays but those in question here woudl be). PPI is issued by general insurance companies.

The only bolt on to pensions were pension term assurance and waiver of contribution. Both are medically underwritten at point of sale, both monthly premium and both set up to cover a need. They dont suffer the same issues as PPI.

Phil.o

Thanks for the prompt reply. This is my wifes pension, she was in work at the time, shortly after taking out the pension (with payment protection) she gave up work to have kids, she is still a stay at home mum.

We contacted the company to explain she was no longer working and was it in order for me (policy holders husband) to continue with paying the monthly pension contributions. They said that was fine and i have been paying her pension for the last 13yrs ! In these circumstances any sort of 'payment protection' seems a bit pointless i cannot imagine and insurance company paying my wifes contributions if i ever became unemployed ?

dunstonh

i cannot imagine and insurance company paying my wifes contributions if i ever became unemployed ?

It isnt unemployment cover.