Serps ppi ??

mrsval

SERPS
I have seen lots of companies advertising PPI reclaiming for anyone who opted out. Has anyone ever reclaimed and if so what was the outcome please. My husband opted out but is now retired so the money would come in very handy. Thank you if you can help. :money::j

meer53

PPI is something you pay to cover your repayments on a credit agreement if you fall ill or lose your job, what would that have to do with Serps ?

dunstonh

Serps ppi ??

You cant have PPI on SERPS.

I have seen lots of companies advertising PPI reclaiming for anyone who opted out.

actually there are not that many. And those that do it typically want a fee at some point (as the success rate is around just 1.5%) or they will tell you to transfer your pension and earn a commission/fee from it and that is where they make their money.

Has anyone ever reclaimed and if so what was the outcome please.

There have been some successes but the FSA did a review of this some years ago and found a failure rate of just 1.5%. That is very low. They did a booklet with a flow chart which effectively indicated that if you were under the age of 45 when you contracted out then its unlikely you were wrongly advised.
http://webarchive.nationalarchives.gov.uk/20100210151716/moneymadeclear.fsa.gov.uk/pdfs/s2p_wrongly_advised_ink.pdf

Following publication of the FSA report, most claims companies stopped putting in SERPS complaints. Those that remain tend to want fees to do so or try to earn on a pension transfer given the very low success rate.

My husband opted out but is now retired so the money would come in very handy.

So, probably not a good idea to complain then. After all, the lump sum he got from that contracted out pension would not have been possible had he contracted in. If you complain and ask to be put back in the position he had of been had he not contracted out,that could mean returning that lump sum.

Why do you think he was mis-sold?