Annuities Explained

An annuity is another word for a regular annual income derived from your pension pot. You purchase an annuity from an insurance company or an independent financial advisor (IFA). The annuity provider is then responsible for paying the annual income for the rest of your life.

When purchasing an annuity, you have to consider all possible options as there are many different types of products to choose from. It is important that you buy an annuity which best meets your personal requirements, as well as the needs of your family. In many instances, customers have been mis-sold unsuitable products which could have a significant impact on your income.

Mis-sold annuity claims can be very complex and as such, it is crucial you take specialist advice.

The Open Market

Typically, just before you reach retirement, your pension provider will send out two pieces of information which include:

  • The value of your pension fund
  • An Annuity quotation.

You may have been sold an annuity without knowing that it is not the only way to take an income from your pension pot. You may have not been told that you can and should shop around. Your pension provider, insurance salesman or IFA may not have asked you any questions about your health and whether an enhanced annuity would be better for you.

The options that were available to you is what the Open Market is about and if you weren’t given the opportunity to shop around, contact us today.

If you are looking to retire in the immediate future then you will be allowed more flexibility and freedom when it comes to how you wish to spend your pension pot. You can even withdraw cash in one lump sum if you want to, and do not need to buy an annuity if a more rewarding alternative is available on the market.

What does this mean for me?

Here at Cooper Stern, we are helping people who have been mis-sold annuities to claim back the money they are owed by providers. We aim to get you the best return possible on your pension pot that you have worked hard for and will determine whether or not you were mis-sold an annuity.

Cooper Stern will be able to assess and evaluate the suitability of your annuity and then compare the rate you would have received had you not been mis-sold the products. This is the total amount that we would look to claim, entirely on your behalf. We are fully qualified experts when it comes to financial claims and endeavour to help you achieve the income you deserve in your retirement.

Why Choose Cooper Stern?

  • No-Obligation Review of your claim
  • No Win No Fee if you decide to go ahead
  • No hidden charges
  • An easy 3 step process
  • A team with over 30 years of experience
  • Specialist advisors from the legal, financial, investment and banking sectors
  • Friendly and accessible
  • Comprehensive approach made simple for Investors like you!

Here at Cooper Stern, our team of legal, financial and investment professionals will fight for you and your savings to obtain satisfactory compensation. The purchase of an annuity is a decision that affects the rest of your life and is irreversible.

Can I make a claim?

  • Were all the options explained to you in a way that you were able to understand?
  • Do you have any health conditions that your advisor failed to ask you about?
  • Did the provider explain whether the annuity covered your partner in the event of your death?
  • Do you take prescription medication?
  • Did your advisor ask you about drinking or smoking habits?
  • Were you ever advised that you could shop around or that a better deal could potentially be obtained through an alternative provider?

You may be one of hundreds of thousands of savers who have been sold the wrong retirement contract, depriving you of your right income for life.

Who was at fault?

If the provider of IFA did not ask you any questions about your health, did not encourage you to shop around, or if you bought the annuity before the age of 55, you might have been mis-sold that annuity by the advisor. You may be eligible for compensation and/or a higher rate on your pension payments.

If it is also possible that you might have purchased your annuity too early or you might have been better off with a different type of product altogether.

How much can I recover?

You could receive a payout / lump sum for the value of the difference between your existing annuity and what you ought to have been entered into at the time. Unlike most claims management companies, our Expert Financial Analyst can calculate these potential losses to ensure your offer is fair and reasonable.

You could also receive a boost to your income. We generally look to recover the difference between the rate you have got and what you should have received if you were sold the best product for you.

What do I need to do?

  1. Contact us today using this form or call us on 01204 328 287  to discuss the details of your complaint and to start the initial-no obligation review.
  1. Provide us with any evidence you may have from the time or allow us to submit a routine information request to your provider on your behalf to begin the no-obligation review.
  1. If you’re happy to proceed, we agree terms of our engagement. We draft and submit your letter of complaint, liaise with your provider throughout the process, manage and conduct the settlement process and advise you of potential alternative routes to redress.

We will manage the complaint from beginning to end, keeping you updated throughout, until a conclusion is reached and where redress is offered we help to ensure payment is received in a timely manner and that any final queries or consequential losses are dealt with before your case is closed.

What are the fees?

Your claim is conducted on a no-win no-fee basis, where your fee is calculated as a percentage only in the event we secure a successful outcome for you. Our standard contingency fee is 20%.

For some claims, depending on the size and information request requirements, there may be disbursements or fixed fees which could arise prior to the commencement of your claim, but you will be made aware of these well in advance of any work that is commenced and will only become payable with your prior consent and agreement.

Here at Cooper Stern, we are one of the UK’s leading advisors on a range of mis-sold investment and financial products, and have specialists in annuities.

Our team of expert advisors are able to assess and evaluate the suitability of your product and precisely calculate what you would have been paying under a more appropriate product, had you not been mis-sold. This is the total amount which we would seek to claim on your behalf. We are regarded as an established authority when it comes to handling claims relating to mis-sold annuities and it is our aim to help you to achieve the redress you deserve.

how can we help you?

Have any questions? Get in touch with the Cooper Stern team today by submitting an inquiry online.

There are no substantial up-front costs, and our clients like that. The claims we have settled so far have been on a full redress basis. The banks are misbehaving by making offers to businesses, partially repaying what they have paid, and saying they do not need legal advice and making very low offers. I would urge businesses who are affected to get in touch with us before it is too late.

Dan Fallows
Director, Cooper Stern