?mis-sold FSAVC

Sheshe

I worked as a nurse all my career from 1978 until last year.
In 1994 I met with an advisor from RCN Membership services and I ended up taking out a FSAVC to top up my pension. I had taken back 4 years superannuation in in 1983 and I was told this would be a good way to supplement my pension.
The reason I now feel I was missed is that the advisor did not explain that I could buy back missing years in my NHS pension scheme. I believe that this would have been far more cost effective and would not have cost too much money at that point.
I would be grateful for your views on whether it might be worthwhile complaining about this

dunstonh

The reason I now feel I was missed is that the advisor did not explain that I could buy back missing years in my NHS pension scheme. I believe that this would have been far more cost effective and would not have cost too much money at that point.

With hindsight, it would have been better to buy back missing years. However, buying of additional years was usually the more expensive option. Many firms had a compliance approved information sheet that compared the generic differences and that was all that was required of tied advice firms. So, it can be difficult to succeed on a mis-sale complaint as it will be measured on the rules and circumstances in place in 1994 and without the benefit of hindsight. As it was a tied agent, they had less requirements on them too back then in respect of comparing options.

Some have succeeded on these complaints but they were mostly in the 90s and early 2000s before FSAVCs were abolished. Some complaining today would find themselves timebarred. Time bar rules are 6 years from purchase AND 3 years from being reasonably aware of a problem. Both have to be satisfied to allow a successful time bar.

What documentation do you have from 23 years ago that shows what was said? Remember documentation matters most in a complaint. Allegations of what was or wasn't said 23 years ago will carry virtually no weight. What exists on paper will be what matters.

Why are you only raising this now and not at any other time in the past?

Thrugelmir

Sheshe wrote: »

The reason I now feel I was missed is that the advisor did not explain that I could buy back missing years in my NHS pension scheme.

After 22 years are your recollections of the discussion held at the time that clear?

Sheshe

Thank you both for your helpful replies, that will save me a lot of work and better not to waste time if it's not likely to be successful.
thanks again

paparossco

I was in a similar position, taking out a FSAVC in 1992 on the advice of FA brought in by my union (now UNITE). There were issues I think at the time with the NHS AVC provider, ?Equitable Life, so mine was taken out with Scottish Equitable (now Aegon). I complained at the time pension misselling was high on the agenda (to be honest I can't remember on what grounds) At first I was told it didn't apply to FSAVCs but a while later I was contacted by the Finacial Compensation Scheme offering £2k as the FA company no longer existed. This was added to my Aegon pension in 2005 which pays out in June this year.

Why not make a call to RCN, you will probably not be the first to ask if you were mis-sold.