What is an FSAVC?

An FSAVC is a Free Standing Additional Voluntary Contribution pension.

It was introduced to allow members of workplace/occupational pension schemes to build up additional pension benefits.

Unlike standard workplace/occupational pension schemes an FSAVC is investment based and grows depending on the stock market, which in some cases can prove risky for you.

An industry wide review into the sale of FSAVC's between 1988 – 1999 found significant failings in the advice given by insurers. Many customers were not told about the risks involved or that they would be financially better off making additional voluntary contributions to an Employer pension scheme. This is known as an AVC and is a less risky option with lower charges.

FSAVC's typically had significantly higher management charges than an employer run AVC, leading to you missing out on vital retirement income, and the Broker or Salesman profiting from it in the form of higher Commission.

Pension complaints in general have resulted in over £11 Billion in compensation being awarded for poor advice that can be damaging to your future financial position.

*A fee may be payable if a case is not pursued at the clients request once the claim has been processed by the Company.

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