Pension

Dawn_Scott

Hi, in 2010 my employer sent me to see their financial adviser to discuss my company pension. At the time he also tried to get me to take out life insurance, which I didn't need as I have no dependents, however I did want critical illness cover which I took out through BUPA. I was made redundant and my pension was froze. Ive have just noticed that my critical illness cover has changed to a pension scheme which I have not authorised and have no illness cover, for which I though I was covered and a pension that I asked for? I have been paying direct debit each month for this?
Where do I stand here?
Thanks
Dawn

Malthusian

You can't just change a critical illness policy to a pension policy. Your critical illness premiums paid for the cost of the insurance month-to-month and are now gone - there is no money left that could be converted into a pension policy (even if it were possible which it isn't).

Are you still paying premiums for the critical illness cover? If you stop paying the premiums then obviously the cover lapses without value.

xylophone

I don't understand your post.

You had a company pension. Do you now have a deferred defined benefits pension?

Or was your pension transferred to an insurance company?

You took out critical illness insurance.

You are still paying the monthly premium so you still have the cover?