Please help! Whats going on here?

karen_newcastle

In May I stopped contributing to my Pearl Stocks and Shares ISA as it was performing poorly. I rang them to cash it in and was told the current value was £3808.

I plan to cash it in and they have sent me the forms etc and in the mean time I've set up a A&L ISA and can moved my savings for them (I have been saving £40 pm for my daughter for the last 8 years)

But, yesterday I get a bonus statement from Pearl and it states that the fund value is £2346.08 as of 31 December 2007!

Can someone explain the difference between these two figures?

dunstonh

It is impossible for the Pearl ISA bonus account to pay out less than you paid in. It is capital guaranteed for your contributions and the daily bonues. Only the additional bonus is subject to fluctuation. There are no withdrawal penalties after year 5 and there is no market value reduction.

Also, the statement you just received shouldnt be valued at Dec but a more recent date.

I suggest you take another read of the statement as you have probably missed something.

karen_newcastle

The letter is dated June 2008 and is my 'End of year bonus statement'. It says the following

Maturity date : 1 May 2010 (that is the 10 year mark)
Sum assured £2168.00
Existing bonuses £178.08
Total £2346.08

I have also found another letter headed 'Your Pearl Mini Bonus Account Statement' dated 25/01/2008. This is a breakdown of all the payments i've made thorugh 2007 and that shows the total value as £3310.52.

In May 2008 I rang them and they said the value if I cashed it in was £3808

I am so confused. I can't ring them until I finish work early on Friday but hopefully they can bamboozle me with science again.

dunstonh

Are you sure you are looking at the same product?

The Pearl ISA bonus account didnt have a sum assured. It also doesnt have a maturity date as it is open ended. I dont believe they issue statements in Jully either for these. What you describe sounds like a Pearl Saver Plan as they had a sum assured, maturity date and did issue statements around this time of the year.

Do, it looks like you have two products running.

karen_newcastle

Nope only one product. Same ref number on both letters.

I am going to ring them on Friday and sort this out. I just want out and I want my cheque so I can invest it somewhere where it will grow a little.

dunstonh

Look at the top of your statement you just received and see what the product name is. To me it sounds like a Saver Plan. However, your earlier comments suggest ISA bonus account.

Then give them a call and see what they say.