Personal Pensions the next PPI

[Kinkell]

According to my pension provider I should now be enjoying a comfortable retirement. They reviewed my policy in 1996 and assured me that my fund would be healthy enough for a 2006 retirement when I became 50, should I choose the option.
Something pretty bad must have happened in that 10 year period because I'm still working my arse off to maintain my modest lifestyle. A change of an old policy cost me 20% of value which is daylight robbery.
I look forward to this industry facing the scandal that awaits and being forced to payout as promised.

[Kinkell]

sidicks said:

Helicopter123 said:

A lot will depend on what the original paperwork promised. Like PPI, it will up to the seller of the policy to PROVE that the policy was not miss sold. Given changes in standards of record keeping and documentation, [b]this will be almost impossible for life companies, banks and IFAs to prove.[/ b]

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.

A personal pension statement arrived in the post yesterday stating my fund is less than last year.
I await my well deserved payout a la PPI. You can moan all you like because I have paid in and want paid out as a desservee.

[Kinkell]

Siscar said:

What is mis-sold anyway and where is mis-bought? Selling under false pretences - lying - is clearly wrong but surely at some stage you hit the problem that someone buying something should make the effort to understand what it is.

Buying a pension is possibly the second biggest financial decision an ordinary citizen can make. It's not a dodgy secondhand motor car although pension sales persons have behaved like dodgy car salesmen in some instances. Pensions should be solid honest investments without risk. The footsie is near and all time high, property prices are strong.
Small print and undisclosed mismanagement fees all add up to dilute pension funds.
Fortunately my health and other investments are working in my favour .

[Kinkell]

fandango_c said:

Kinkell said:

Pensions should be solid honest investments without risk.

You don't understand what a pension and the investments contained in it are.
As investing in a pension is one of the biggest financial decisions that you can make, it's probably a good idea to understand what a pension is.

Ok. Enlighten me. What is a pension.

[Kinkell]

fandango_c said:

Kinkell said:

fandango_c said:

Kinkell said:

Pensions should be solid honest investments without risk.

You don't understand what a pension and the investments contained in it are.
As investing in a pension is one of the biggest financial decisions that you can make, it's probably a good idea to understand what a pension is.

Ok. Enlighten me. What is a pension.

A wrapper for investments, with certain benefits and restrictions, aimed at providing income in retirement.

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.

[Kinkell]

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"?!

Safer than riding a bike to France, take care.