What is an FSAVC?
A Free Standing Additional Voluntary Contribution (FSAVC) is a scheme set up by a private provider that allows an employee to ‘top up' their retirement funds by paying into a personal product outside of their occupational pension.
People who took out an FSAVC may have paid the price - in more ways than one. The higher costs associated with the product may have had a significant impact on their retirement fund, whilst consumers may have also lost out on the benefits of the in-house pension - such as lower costs, ‘added years' and the security of an employer scheme. The result? A pension fund potentially worth a lot less than expected.
We'd be the first to admit that pensions are complicated - not least an FSAVC. So we recommend you read the statements below. If any sound familiar, then you may well have been mis-advised about FSAVCs - and have good reason to complain.
1. You weren't told you could make AVCs to your occupational scheme
Were you made aware of the fact that you could have made Additional Voluntary Contributions to your existing occupational scheme?
2. You weren't told about higher costs
Did you know that you would be paying higher costs - money that significantly decreased your pension pot - with an FSAVC?
3. You weren't given information about how the funds in your FSAVC were invested
Were you given adequate information about how the funds you were paying into your FSAVC were to be invested?
4. You weren't told about employer contributions to an AVC
Did the advisor make it clear that your employer made contributions to your AVC, but not to your FSAVC? Did they also explain that the benefits of the AVC did not extend to the FSAVC?
So what does all this mean to you?
Having read the statements above, you may now think that you were mis-advised about an FSAVC. If that's the case, we believe you've may have been mis-sold. You may have the right to make a complaint.
What can you do to seek compensation?
At this point, you have two main options open to you. You can either claim on your own, or use an expert. Now we feel it's important to stress that we can't guarantee you a refund, more money or a faster service than you would get on your own. (And while we're on the subject, we'd suggest you avoid anyone who says they can.)
However, we do offer an honest, expert, stress-free service with no upfront costs. We only charge you for our services if we are successful in claiming back any money you could be owed, in which case, our fee will be a percentage of the compensation you receive. If your claim is unsuccessful, you won't pay for our services. What's more, we're regulated by the Claims Management Regulator in respect of regulated claims management activities, and guided by our own stringent Code of Conduct.
Now you may, quite understandably, want to know a little more about us - and whether we're right for you. If so, we'd love to tell you a bit more about ourselves - and why over 700,000 people have trusted EMCAS with their claims.
If, on the other hand, you'd like us to handle your claim completely and ensure you get compensated correctly if you have indeed been mis-sold to, we're ready to help!. To request a call back from one of our down-to-earth, expert advisers by clicking here.
We'll call you back at a time convenient to you and get the process started. You can then relax. We'll be doing everything possible to ensure any claim you have is fully investigated for you. Alternatively, find out about other mis-sold financial products, such as endowments.