A growing concern has emerged for pension holders in Ireland. Some providers may have unlawfully prevented customers from increasing contributions to their retirement policies, potentially costing them thousands in lost pension value.
If your pension provider refused to accept additional contributions, despite policy terms allowing it, you could be entitled to legal redress.
At Anthony Joyce & Co Solicitors, we are currently leading legal action on behalf of individuals impacted by this issue. With decades of experience in financial litigation, we are committed to holding providers accountable and protecting your retirement savings.
The Problem: Policy Terms Ignored
Many long-term pension policies, particularly with-profits plans issued by legacy insurers, explicitly state that policyholders can increase their contributions. These increases are vital: not only do they boost the capital sum, but they also benefit from compound growth and higher annuity payouts on retirement.
However, we’ve seen cases where insurers have refused to accept further contributions, citing internal decisions or fund closures, while failing to honour the original contract terms.
This practice can result in a significantly smaller pension and, in some cases, force individuals to delay retirement or face financial hardship in later life.
Why This Matters
In a recent case we’re handling, the pension provider accepted regular contributions for nearly 20 years and encouraged increases along the way. But in 2009, despite no change to the policy terms, they refused further increases, blocking substantial top-ups that could have significantly improved the client’s pension outcome.
Financial analysis shows that had these contributions been accepted, the pension could have been tens of thousands of euros higher at maturity.
If you were similarly prevented from boosting your pension, you may have suffered a loss, without even realising it.
Legal Grounds
Where a pension policy includes clear contractual rights to increase contributions, a refusal by the provider may constitute breach of contract. In some instances, providers have even acknowledged that their refusal conflicted with the policy terms but still failed to offer adequate redress.
We are pursuing claims based on breach of contract and statutory protections under Irish financial services law. Compensation may be available for past and future pension loss, including annuity reductions and associated financial impact.
Act Now!
If you held a pension policy with Aviva, Norwich Union, or any other provider and were told you could no longer increase your contributions, reach out to us!
This issue may affect more policyholders than previously believed.
Contact Anthony Joyce & Co Solicitors for a consultation. Our financial litigation team is ready to review your pension documents, assess your situation, and fight for what you’re owed.
Your pension should reflect a lifetime of work, not broken promises.
