Were Teachers' AVCs miss-sold?

pollypenny

I've been mulling this over for a while and wondering if there's a case for compensation.

Teachers were encouraged to take out these wonderful things, AVCs, to make up shortfalls or fund an early retirement.

I started teaching at 35 so took out an AVC. Initially, I contributed the maximum but saw how things were going and refused it to £10 pm, to keep it ticking over.

I now get about £2,500pa.

If I'd bought extra years for my Teacher's Pension, I'd have annual rises, based on inflation.

Is there a case for miss-selling or am I naive?

dunstonh

Is there a case for miss-selling or am I naive?

Why do you think that there would be a case for mis-selling?

How did you buy the AVC? With advice, via a leaflet or what?

xylophone

If I'd bought extra years for my Teacher's Pension, I'd have annual rises, based on inflation.

If this option was open to you, why didn't you take it?

jem16

pollypenny wrote: »

Is there a case for miss-selling or am I naive?

As already mentioned there would only be a case if you actually took advice so you'd need to clarify that.

The other part is that buying back added years was very much more expensive than AVCs as you were basically having to cover the whole cost yourself as there would be no employer contribution. For this reason many chose not to buy back added years and chose the AVC option instead.