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Alex J.
Alex J., Solicitor
Category: Law
Satisfied Customers: 3653
Experience:  Solicitors 2 years plus PQE
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Both my wife and I signed up for an annuity with Canada life

Customer Question

Both my wife and I signed up for an annuity with Canada life at the time of the Buget Changes. We cancelled these annuities befor the were crystalised and tried to get the funds returned to the original companies being Ageon,*Phoenix and *Abbey Life the but they refuse to take the funds back! Canada say they can return funds with their permission, or we take the annuities,or find a pension company that will take the monies.George Osboune said" NO ONE SHOULD BE FORCED TO TAKE AN ANNUITY" but it sems that is just what we are being forced to! The Deals were set up by Oregon company an associate company of Ageon their finacial adviser Mrs Alex Turton just laughed when I said I would be taking legall advice. She had previously said there was no problem if we changed our mind as we could cancell the annuities but failed to warn us that the pension companies might not take back the funds. The compaint process takes so long I am worried that will be out of time befor this is resolved! What can I do please.*both Phoenix and Abbey Life agreed by phone that they would take the funds back but now have changed their minds witout giving a reason!!
Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi,

Thank you for your question and welcome.

My name is AJ and I will assist you.

When Phoenix and Abbey agreed to take the funds back did you keep a record of this? I.e who told you this and what was agreed?

This is not a related complaint, but I once advised someone who had a complaint with Oregon for negligent management of their SIPP. Realising the legal action would take too long, and as pensions is such a sensitive subject we actually threatened to write the persons local MP. This put so much pressure on them that they actually got round to resolving the issue. My best suggestion to you is at this stage start a complaint to the Financial Ombudsman. Whilst doing that write Chief Executive of Ageon and express heart felt disgust that they are deliberately ignoring Government policy. Say that if they do not provide a clear or adequately deal with your complaint you will write to your local MP about the issue. If they had an advisor laugh at you over the phone that is wholly unacceptable and you need to go straight to the top of the ladder. These companies will not want to face the embarrassment of deliberately ignoring the spirit of the new government policy. If you search on Companies House you can get the CEO's direct service address.

I look forward to hearing from you.

Kind regards

AJ
Customer: replied 3 years ago.

Unfortunatley I do not have all the names and times and of phone calls but believe that these calls are recorded. Ihad thought I would write to my local MP Theresa May and not youve suggested this I will ,Thank You

Expert:  Alex J. replied 3 years ago.
Hi,

Thank you.

If you are going to write to your MP about it, make sure you copy in the CEO of Ageon.

The advisers are effectively sales people and are only interested in their commission so they will probably just ignore the complaint. You have to make the CEO is aware that your action will potentially embarrass the company otherwise they wont deal with your complaint with any urgency.

Also make sure you commence a complaint to the Financial Ombudsman.

I would also prepare yourself to accept that they may have a valid reason for not accepting the money back. What they are doing wrong is treating you unfairly but refusing to provide you with any information.

Kind regards

AJ