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.
You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.
It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Compensation Scheme, whichever is applicable to your claim.
We will not make or pursue a claim, or advise you to, if we know or have reasonable grounds to suspect that the claim does not have a good arguable basis, and or is fraudulent or frivolous.