Mis Sale of Free-Standing AVCs (FSAVCs)

Free-Standing Additional Voluntary Contribution (FSAVC) schemes were introduced 30 years ago. The aim was to allow pension savers to build up extra retirement benefits by buying ‘added years’ in their pension schemes. In many cases, FSAVCs have been sold to the Pension Saver, rather than purchasing added years.

More than one million FSAVC polices have been sold since their launch in 1988. They are policies nearly always provided by insurance companies, however, the volume of mis-sales for this type of pension is currently unknown.

Typically, FSAVCs are mis-sold when an AVC policy would have been better suited to the individual concerned. FSAVC schemes attracted numerous financial burdens namely high annual fees and tax liabilities. A high number of public sector workers have been affected.

A FSAVC mis-sale may have taken place if any of the following apply:

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