Overlooked Benificiary Claims Examples
- The claimant was a UK-based insurance company and the case relates to a former employee who left the company with a deferred pension. The employee, however, was not included in the annuity purchase from the claimant's life assurance company in 1998 and the claimant has only just become aware of the fact. Payout: £57,000.
- The claimant was a medical practice and the case relates to a gentleman, who, following the winding-up of their pension plan, wrote to his insurance company filing a complaint that a 50% spouse's pension was not included in his policy. He had previously received correspondence confirming that this benefit was payable. The gentleman in question had already retired and had confirmed this in writing because of a second marriage. Payout: ongoing claim, estimated payout £25,000 with £4,000 legal costs.
- The claimant is a financial services institution. The case relates to a complaint made on behalf of a pensioner against the company. The pensioner had contacted the pensions administration team to obtain an update on the winding-up exercise and benefit entitlement. It was discovered then that the pensioner in question, in addition to 51 other members had not been included in data sent to the insurance company concerning deferred entitlements. Consequently, they were overlooked for benefits payments and were therefore making a claim against the financial services company. Payout: £2,400,000.