Abbey Wealthmaster

treblebob

Hi

I was sold a Wealthmaster plan from Abbey Life in 1992. It is currently worth less than I've actually put in by about £500.
I've been putting £21 pm and this was supposed to be a saving plan for my new born son.
It's due to run until 2011 but I'm considering cutting and running.
Do you feel I would gain anything by complaining that I was mis-advised at the time I bought it, as obviously I would have been much better of putting the money in a bank account every month
thanks for any advice

pattycake

I had one of these plans which matured in 2004. It was supposed to be a savings plan into which I was putting £75 a month after the first couple of years.

It turned out to be rubbish. When it matured, it was worth £800 less than I had put into it. I just took the view that it was the cost of the life insurance element over the term of the plan. It certainly did not give me the big returns which I expected.

As far as I know, Abbey have not existed for quite a while and are part of some other insurance group. The fund clearly was not managed very well.

I just put it down to experience, I'm afraid. I am not in a position to advise you as to whether or not you should surrender the policy. I am just recounting my own experience.

treblebob

ok thanks for that.
Did you take it up with Abbey?

dunstonh

Do you feel I would gain anything by complaining that I was mis-advised at the time I bought it, as obviously I would have been much better of putting the money in a bank account every month

That is not grounds for complaint. Investment returns are unknown and picking a naff investment is from a tied sales force is not something you can complain about.

treblebob

How about on the basis that the fund was poorly managed?

dunstonh

treblebob wrote: »

How about on the basis that the fund was poorly managed?

What evidence do you have to support that claim? Have you found errors in the accounts of the fund(s) that you are in? Have the funds broken the aims and objectives and rules set for the fund?

Do you actually know where you are invested and how it has performed against it's benchmark?

isofa

Just a lesson not to be sold rubbish products from companies such as Shabby Abbey.

Investments can go up or down, I really don't think you have a case at all.

Just never take advice from tied sales advisers.

If you cash in now, you are doing so when the market is suffering, so you may be well to wait until it recovers. However you might equally be advised to cash in now, and invest in something better, as those too will be low and have the potential to grow much faster than the poor Abbey product.

Turkey

Yeah I have a wealthmaster plan that been running for 25 years got 5 more to run now showing a small growth. with the current climate is it now time to call it a day ?