CIS Platinum Plus Plan

ronald208

Hi I have recently become aware of this site and have started to take more notice of my financial affairs and wonder what I should do about the following

My wife has a CIS platinum plus plan that she started in Oct 1999 and have just had her yearly statement. Since it started up until the 5th April she has paid in £1,650 and it was worth £1,760.58 at that date. However if she was to cash it in it would only be worth £1655.43 as there is a market value reduction of -£110.50 a cash in charge -£36.00 and a final bonus of +£41.35.

So what do people think she should do with it as she retires in May 2007 and this was to give her a lump sum at that time. Also as she will no longer be earning she no longer wants to pay into this plan.

So would she be better off stopping paying in any more money and cashing it in and putting the £25 a month under the mattress :-)or alternatively opening a high interest bank account and putting the money there?

This appears to be yey another scheme where you pay money to a financial firm and get less money back than you pay in.

Ronald208

P.S as an aside, I have a £26000 endownment with Standard Life that was arranged by a solicitor in Scotland and I tried to get compensation for miss selling. Was told tough luck no compensation. Shortly after that I got a phone call from one of these firms offering to pursue a claim for endownment miss selling, so I though what have I got to lose, so I set them onto it. Guess what?
Since the endownment was arranged by a solicitor the Scottish Law Society is responsible and the maximum payout is £1000. However no one will ever get the maximum payout and I received a call from the firm saying that it is not worth their time and effort to pursue it. So if you live in Scotland and the estate agent arranges the endownment for you through its lawyers you have no chance of getting compensation for miss selling.

dunstonh

So would she be better off stopping paying in any more money and cashing it in and putting the £25 a month under the mattress :-)or alternatively opening a high interest bank account and putting the money there?

Possibly. Possibly not.

This appears to be yey another scheme where you pay money to a financial firm and get less money back than you pay in.

If you choose to pay into a scheme that invests in funds containing volatile investments, then you have to accept that they will have periods when performance will be below par.

My wife has a CIS platinum plus plan that she started in Oct 1999 and have just had her yearly statement. Since it started up until the 5th April she has paid in £1,650 and it was worth £1,760.58 at that date.

Sounds about right for a monthly saving plan. Its probably on par with a savings account. If it works how i believe it does, then it actually has better potential than a savings account over the coming years. However, without a full analysis of the product, its impossible to say.