contribution protection insurance

zwerbie

I have a personal pension.
I have recently given up work to look after my husband who is disabled.
I have had to make reduced pension payments as we are no longer able to afford the previous level of payments. Previously I paid £560 per month, I am now making payments of £100 per month.
I am 56
When I received details of my new payments, I found out I was paying Contribution Protection Insurance. Nothing was mentioned about this on any previous correspondence from the pension company.
The IFA we used, completed all the forms and gave them to us to sign. The IFA has now retired.

Has anyone any idea if I am entitled to claim these CPI payments back?

dunstonh

Nothing was mentioned about this on any previous correspondence from the pension company.

It was usually set up at point of sale, appeared on the illustrations and cancellation rights. It is medically underwritten at point of sale as well.

Has anyone any idea if I am entitled to claim these CPI payments back?

No. What makes you think you could?

mania112

Because it's being confused with Payment Protection Insurance i'd imagine.

Waiver of Premium as CPI is known is actually quite a handy feature and I can not see any reason you can claim it was 'mis-sold'.

Incidentally, WoP is now not available to new business, so be sure before you cancel it.

GhIFA

mania112 wrote: »

Because it's being confused with Payment Protection Insurance i'd imagine.

Waiver of Premium as CPI is known is actually quite a handy feature and I can not see any reason you can claim it was 'mis-sold'.

Incidentally, WoP is now not available to new business, so be sure before you cancel it.

OP has given up work though, so would need to check on the policy conditions whether the Waiver would still cover her.

mania112

Sure, WoP isn't enforceable (if that's right word) for unemployment (and excuse me for using that word, i'm sure you're still very busy).

You could still consider its benefits in the future if you think you may get back to regular employment (as its not available to re-start it in the future).

However, it might be worth cancelling so more of your £100 is actually going towards retirement?

zwerbie

Thank you for the replies, especially Mania112. (Dunstonh - you need to soften your way of replying, it can be very abrupt!)

You also need to remember that not everyone knows what you mean when you use abbreviations such 'WOP' and 'OP' - I did work them out.

Of course I assumed they were similar to PPI, why wouldn't I? They do exactly the same thing don't they? I'm sure it is a very handy thing, but I have no recollection of that sort of cover being discussed with me.

No I won't be returning to work, my husband has MS which is degenerative, so I'm afraid he won't be getting any better to allow me to return to work. I think therefore I will be cancelling those payments as they are superfluous to requirements and I need as much as I can to go into the pot of money!

So thank you once again, I guess I won't be getting that money back, though it would have been extremely useful as I wanted to put what I had paid into my pot for the pension! MY retirement is going to be all cruises and walks along the beach you know!

dunstonh

Of course I assumed they were similar to PPI, why wouldn't I?

Because they are different products issued by different types of insurance companies to PPI falling under different classifications in the FSA handbook.

Reminds me of the compare the market/meerkat advert on at the moment. They are different things. They mean something different.

They do exactly the same thing don't they?

No.

I'm sure it is a very handy thing, but I have no recollection of that sort of cover being discussed with me.

Do you have recollection of all the medical questions you were asked to allow it to be set up? Or recollection of the report that would have described it (it would have been mandatory to recommend it as best advice)? Or the illustrations that would have showed the cost of it (issued twice - one at point of sale. One with cancellation rights)?