Personal Pensions the next PPI

Personal Pensions the next PPI

Author
Discussion

sidicks

25,218 posts

220 months

Saturday 12th April 2014
quotequote all
Kinkell said:
In this instance I am referring to a personal pension product sold to myself by a well known provider as a long term investment linked to Blue Chip Global Companies covering a broad spectrum with a solid history of good returns.
And you think that's "zero risk"?!
hehe

Zigster

1,636 posts

143 months

Saturday 12th April 2014
quotequote all
-Pete- said:
There are some argumentative *dicks on here, do you think you're doing your 'profession' any favours? (profession?)

I was mis-sold an endowment in the late 80's but 10 days before cut-off for claims. I was guaranteed the amount IN WRITING and told to expect 20% more... fat chance. No dependants, no need for life cover, typical lack of moral standards.

Mis-sold pension in late 80's, 6 months arguing, IFA admitted blame, pension terms changed by Zurich.

25 years later my endowments paid 56% of sum 'assured' despite projections of 120-150%.

My friend's father has been given 9-12 months to live, they just sold his house. The mortgage company arranged an IFA meeting two weeks ago, and he said they MUST invest in an annuity to ensure his financial security. No other investments were mentioned. I explained to her that you are evil nasty stealing leeches. Anyone on here want to disagree?

The problem is that you're incentivised on things which are totally disconnected from the best interests of your clients. It's not your fault, in my experience you are weak and greedy.

Edited by -Pete- on Friday 11th April 22:56
Your "friend's father's" example makes no sense whatsoever. You must be missing out or misrepresenting facts.

Kinkell

Original Poster:

537 posts

186 months

Saturday 12th April 2014
quotequote all
sidicks said:
Kinkell said:
In this instance I am referring to a personal pension product sold to myself by a well known provider as a long term investment linked to Blue Chip Global Companies covering a broad spectrum with a solid history of good returns.
And you think that's "zero risk"?!
hehe
Safer than riding a bike to France, take care.

sidicks

25,218 posts

220 months

Sunday 13th April 2014
quotequote all
Kinkell said:
Safer than riding a bike to France, take care.
Very strange (and irrelevant) comparison!

But thanks for confirming my opinion of your knowledge of pensions!
biggrin

Edited by sidicks on Sunday 13th April 00:12

Mr Whippy

28,945 posts

240 months

Sunday 13th April 2014
quotequote all
Siscar said:
Helicopter123 said:
-Pete- said:
My friend's father has been given 9-12 months to live, they just sold his house. The mortgage company arranged an IFA meeting two weeks ago, and he said they MUST invest in an annuity to ensure his financial security. No other investments were mentioned.

?
Does not compute? An annuity simply not suitable based on circumstances as per above. Contact the FCA.
You have to wonder what 'the mortgage company' is in the first place. Add to that the question of what information the IFA was given, what the circumstances actually were, what advice was actually given and so on.
Not sure for certain but an annuity often offers benefits beyond just money per month in retirement. Ie, care/support etc.

I've no idea on the age here or all the other factors, but if someone has been given 9-12 months to live then they probably have a long-term illness that might impact them in later life if they'd *don't* die.

I've known of people who were given 12 months but manage another 12 years before submitting to their illnesses. If that runs into retirement then an annuity might be a good option. That said the annuity rates for someone in bad health could be pretty bad vs just stuffing it all in a high return ISA and drawing it down... hmmm...

It's always a gamble though. How long do you really think you'll live? Modern medicine is exceptionally good at keeping you alive and in need of expensive care!

Dave

sidicks

25,218 posts

220 months

Sunday 13th April 2014
quotequote all
Mr Whippy said:
Not sure for certain but an annuity often offers benefits beyond just money per month in retirement. Ie, care/support etc.
Very rarely, if ever.

Mr Whippy said:
I've no idea on the age here or all the other factors, but if someone has been given 9-12 months to live then they probably have a long-term illness that might impact them in later life if they'd *don't* die.

I've known of people who were given 12 months but manage another 12 years before submitting to their illnesses. If that runs into retirement then an annuity might be a good option. That said the annuity rates for someone in bad health could be pretty bad vs just stuffing it all in a high return ISA and drawing it down... hmmm...

It's always a gamble though. How long do you really think you'll live? Modern medicine is exceptionally good at keeping you alive and in need of expensive care!

Dave
Plenty of specialist firms who will provide a 'bespoke' annuity that takes into account your expected future lifetime fuel to illnesses etc

fluffnik

20,156 posts

226 months

Sunday 13th April 2014
quotequote all
sidicks said:
Exactly, and hence they will be forced to pay hundreds of millions of pounds to people who don't deserve it, further discrediting the industry without good reason.
frown
It's not an industry, it's a business (at best, racket is often more appropriate).

It does not make products (or anything else), it contrives schemes.

Usurers deserve discredit in Spades.

(I recently heard on Radio4 that Dutch pensioners can expect almost double the benefit from a given contribution thanks to the less usurious nature of their pension providers)

sidicks

25,218 posts

220 months

Sunday 13th April 2014
quotequote all
fluffnik said:
It's not an industry, it's a business (at best, racket is often more appropriate).
Yawn, how dull.

fluffnik said:
It does not make products (or anything else), it contrives schemes.

Usurers deserve discredit in Spades.

(I recently heard on Radio4 that Dutch pensioners can expect almost double the benefit from a given contribution thanks to the less usurious nature of their pension providers)
Show me a like for like comparison and prove that the difference is down to the providers....

fluffnik

20,156 posts

226 months

Sunday 13th April 2014
quotequote all
Mr Whippy said:
I'm fed up of being savvy and not getting anything, while idiots get compensated for being stupid far more than they technically lost out upon (like PPI refunds)
Like you I was not sufficiently credulous nor trusting to be conned into PPI.

I think it would be far better to jail those responsible for the cynical mis-selling than to overcompensate the victims.

Ginge R

4,761 posts

218 months

Sunday 13th April 2014
quotequote all
fluffnik said:
(I recently heard on Radio4 that Dutch pensioners can expect almost double the benefit from a given contribution thanks to the less usurious nature of their pension providers)
Hmmm, new clothes? Far be it for me to challenge the fur lined portals of Radio 4..

http://www.dnb.nl/en/news/news-and-archive/nieuws-...