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PPI Claims could be more effective than over-50 plans

People who have invested in an over-50s plan may want to make a payment protection insurance (PPI) claim as new research suggests they may not be as financially lucrative as first thought.

A report by Which? has found that the savings option could leave some pensioners thousands of pounds out of pocket.

According to the research, a 60-year-old man paying £15 each month into the plan for 30 years would receive less than £3,000 and with current inflation levels, that money would be worth half of today's value by the time the lump sum is paid.

"For most people, over-50s plans are incredibly bad value. They're inflexible and for the majority of customers, they will pay out far less than you have paid in," said the group's chief executive Peter Vicary-Smith.

A recent report from Defaqto found that pensioners on fixed incomes will be particularly affected by the current high rate of inflation.

Samantha Clarke

Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801238733-ADNFCR

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