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T&C additional to printed T&C. Can they add T&C as they see fit?


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I am buying an annuity and have now been advised that one of my funds has late Dividend payments. I had these sent to my annuity provider who stated the amount was below their minimum amount but would accept the payment subject to an admin charge of £50.

 

I checked my Quotation, the Key Facts document and their Terms and Conditions, none mentioned anything about 'minimum amounts' or 'admin charges', other than they will pay £XX to my IFA.

 

If these terms are not stated in the T&C I received and accepted can they add them, or any other terms as they see fit?

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Hello there. This sounds quite complicated and it's a long time since I had anything to do with annuities.

 

What type of annuity do you have please? As for T&Cs, I don't know for sure, but have you spoken to your IFA about this? I imagine s/he recommended this particular product or fund after due research and you have a 'reasons why' document about what you've bought?

 

My best, HB

Illegitimi non carborundum

 

 

 

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The type of annuity is not the issue, neither are the documents from my IFA. If by 'Reasons why' you mean a 'Key Facts' document then as I stated I do have this.

My question is; can this, or any company, add T&C's as they feel like it after the annuity has been purchased?

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The type of annuity is not the issue, neither are the documents from my IFA. If by 'Reasons why' you mean a 'Key Facts' document then as I stated I do have this.

My question is; can this, or any company, add T&C's as they feel like it after the annuity has been purchased?

 

Yes they can to reflect any changes in legislation for example. I suspect also that written into the contract is a wording to allow for certain changes to be made. e.g admin charges.

 

As I don't have sight of the contract and you are wanting to query what has happened, I would suggest that you raise a complaint with the company concerned. If you were not happy with the complaint resolution, you could then refer the matter to the FOS.

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