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Michael Holly
Michael Holly, Solicitor
Category: Law
Satisfied Customers: 7049
Experience:  I have 20 years of experience as a solicitor in litigation and other areas
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I found a pension policy from prudential I'd forgotten all

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I found a pension policy from prudential I'd forgotten all about so I mentioned it to a friend which is an agent for truly independent pacific house Carlisle. The pension was worth £18.898.16.he said he had looked around for best deal which was hodge lifetime solutions and that I would get £4.799.67 up front he got £500 and to date the total is £6.438.51 leaving a balance of £12.459.65 I did need money at the time so I thought that would get rid of some of my financial problems I was in.the plan was called annuities and I didn't know what that was or never heard of the same time I took out an adaptable life plan with Zurich assurance so that my daughter had money for my burial and I was given the paperwork to take with me to look through before signing but with the pension none for if I had I would never have signed for that was only last week that I went to check life ins and read the annuity cash in value none and nothing for my daughter.all I wanted was some financial help and keep the rest till I was 65 then take my pension.instead I found a pension and signed it away to some annuity firm.and my daughter and grandchildren get nothing never mind me.I have been in touch with those concerned and the answer was you signed for it which I did but never got to read it at leisure not sign it there and then I'm so annoyed at my stupidity and feel sorry for my make things worse it's costing money to ring them on 0845 mobile.thank you for your time and await your reply with anticipation.

Were you advised to get financial advice at the time you signed or told anything which was misleading or inaccurate?

Best regards


Customer: replied 3 years ago.

No I didn't. All I received was a phone call to say your papers are here to sign.if the papers had been sent to me prior to signin for me to look at as the life insurance did I would not have ignorance of what an annuity was I believe I should have had time to read the contract as that is what it friends thought I was mad to sign for annuity. At 63 I should have known better but I didn't. I trusted a friend.thank you.

The general rule is that should we fail to read the coinditions we are still bound by them and there is no obligation to go through them with a potential customer. As long as the conditions are there to be seen "buyer beware" applies in the absence of misleading representations.

It is clear this is not the product you wanted but it may be worth exploring whether you can alter the position. You can get free advice from organisations such as the Pensions Advisory Service that may be able to assist.

Best wishes


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