Was Norwich Union Pensions Temporary Insurance mis-sold?

pbeasdale

Can anyone tell me if Norwich Union's "Pension Temporary Insurance" is classed as one of the mis-sold financial products?

I started paying in 1992 as (I think) part of an endowment mortgage.

They're not offering any online documentation, and I'd like some more facts if possible before approaching them direct.

Thanks

dunstonh

Was Norwich Union Pensions Temporary Insurance mis-sold?

Statistically unlikely.

I started paying in 1992 as (I think) part of an endowment mortgage.

unlikely as pension term assurance is life assurance only. An endowment is an investment product with built in life assurance and cannot be brought into pension legislation.

They're not offering any online documentation, and I'd like some more facts if possible before approaching them direct.

pension term assurance is a life assurance that gets tax relief under pension legislation. It cant be bought anymore as the tax rules changed. However, those that had it can continue it subject to qualification. So, they can be quite a valuable product. I used to do loads of them as getting tax relief on your life assurance is cheaper than not getting tax relief.

Why do you think you were mis-sold?

Did Aviva sell it to you? If not, they are not going to know anything more than the policy details.

pbeasdale

Thanks dunstonh.

I wondered if I was mis-sold due to the low value of product (about £20K), and the fact that I was able to continue contributions to it despite stopping pension contributions.

From what you've described, maybe mis-sold is not quite right - perhaps badly advised & poorly monitored is more accurate!

It was a Norwich Union product originally.