Sold short

13th November 1998 at 00:00
Ann Spencer, a deputy head, was acutely aware she needed to top up her pension contributions.

When an independent financial adviser approached her school offering advice on pensions, she and her husband agreed to meet him. "He said he was a retired headteacher and that he knew all about my wife's contributions," recalls Robert Spencer. "He assured us the only way to go was to pay into an FSAVC scheme. "

But, after retiring because of ill-health, Mrs Spencer has ended up with a pension of Pounds 700 a year which is not index-linked, instead of the index-linked pension of Pounds 1,000, plus a tax-free lump sum of Pounds 5,000 she would have received if she had bought past-added years.

The company involved has admitted mis-selling, but the Spencers are still fighting for full compensation.

Subscribe to get access to the content on this page.

If you are already a Tes/ Tes Scotland subscriber please log in with your username or email address to get full access to our back issues, CPD library and membership plus page.

Not a subscriber? Find out more about our subscription offers.
Subscribe now
Existing subscriber?
Enter subscription number

Comments

The guide by your side – ensuring you are always up to date with the latest in education.

Get Tes magazine online and delivered to your door. Stay up to date with the latest research, teacher innovation and insight, plus classroom tips and techniques with a Tes magazine subscription.
With a Tes magazine subscription you get exclusive access to our CPD library. Including our New Teachers’ special for NQTS, Ed Tech, How to Get a Job, Trip Planner, Ed Biz Special and all Tes back issues.

Subscribe now