FSAVC's - Greg Vaughan


Free-standing AVCs…

FSAVC pension plans are designed for people to top-up their company pension schemes. Like a personal pension, the policyholder controls the investment fund but charges are often high and investment performance poor. If you paid free-standing additional voluntary contributions (FSAVCs) then the chances are you will have a much smaller pension than if you had paid your AVCs into your employer’s company pension scheme instead.

Please contact me for a review, read more below or watch the video…

The FSAVC issue

FSAVC policies levy high charges (necessary to pay the salesman’s commission and to cover the cost of administration) which act as a ‘drag’ on performance, lowering the policy value. In contrast, company AVC schemes are usually free of charges because there is no salesman’s commission and the company will often subsidise the cost of administration.

If your company scheme is the so-called ‘final salary’ type (i.e. you receive a guaranteed proportion of your final salary at retirement; the exact amount determined by your length of service) then you can normally buy extra years of service to boost your pension. Pensions from such ‘added years’ schemes, as they are known, are not subject to risky stock market movements and thus tend to produce much higher pensions than FSAVCs.

The problem

When the Conservative Government allowed insurance companies to muscle into the AVC market in 1988, a whole series of complex selling rules and regulations followed. The purpose was to try to ensure company AVC schemes weren’t ignored or denigrated by insurance company salesmen purely for the sake of earning commission on FSAVC sales. There was meant to be a level playing field between FSAVCs and AVCs so that people could make a properly informed choice between them.

However, many insurance companies either did not understand these rules, or did not train their salesmen properly, or simply made no real attempt to implement them.

As a result, FSAVC policy sales soared (over one million have been sold in total) when most of the people who were sold them would have been much better off investing into their own company AVC scheme. Losses are usually substantial and compensation for being mis-sold an FSAVC plan can run into tens of thousands of pounds. Payouts include £82,467.36; £48,000 and £40,074.34. You can see the amounts won over recent years in these PDFs: (click for evidence). (click for evidence). (click for evidence). (click for evidence). (click for evidence).

The solution

It is yet another pensions scandal that has been hidden from public view. I’ve had considerable success winning compensation for FSAVC mis-selling so please contact me so I can help you get your pension back on track. And don’t worry if you have already stopped paying into your FSAVC policy – it won’t affect your claim.


How to get in touch…
I’m here to help, so please don’t hesitate to contact me

There is a Contact Form below if you would like to use that. Or one of the following other methods will also be absolutely fine.

An email may give you time to get your thoughts down and me to think about your situation before responding. My email address is:

emaillogo.fw greg@greg-vaughan.co.uk

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phonelogo.fw 0151 329 0775

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phonelogo.fw 07788 630037

If I am not available to speak to you at length straightaway please leave a message on voicemail and I promise I will get back to you as soon as I can.

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