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Standard Life Annuity Claims

Thousands of pensioners could be entitled to companstaion for mis-selling of anuities, particualarly in case where they were suffering ill health and didnt get the best deal avaialble. Standard Life has set aside £175 million to cover these claims.

 

Standard Life has set aside £175m to cover the cost of redress as part of its review of non-advised annuity sales.
Last year the provider carried out a review of all non-advised annuity sales from 2008 as to whether customers were properly given the option of taking out an enhanced annuity.
At the time the FCA said a small number of firms were in enforcement following a review of 1,200 non-advised sales at seven firms.

 

it is estaimated that nearly a quarter of a million people may be due a pay out from the likes of Standard Life and Prudential. Savers with health issues such as diabetes or angina, or even a daily smoking habit, have missed out on a significant chunk of their retirement income and may be due hundreds or even thousands of pounds in redress. this is because better rates are available to people who, due to health issues are not so likley to live so long
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