Abbey Life ordered to pay saver £10k for GAR omission

The claimant, Mrs Godfrey, joined the scheme – run by Paine Webber International (UK) - in 1978 and contributed to it for two years. On retiring in 2004, Godfrey says she was not issued with a retirement pack alerting her to the potentially valuable guarantee, and instead bought an annuity on the open market. The policy she bought had an annual income of £1,938.24, which is £871.58 less than she was due had she exercised her GAR. Ombudsman Anthony Arter ordered the insurer to pay Godfrey £7,603 – the value of her missing income over the last 11 years – plus interest. Arter also ord...