Standard Life Sterling Fund

Myrmidon_J

MikeJones wrote:

In addition another media article posted today:
...

Gosh, why didn't I think of that?
(Reference your own damn articles! )

I actually listened to the conference call today. The Standard Life spokesmen were thoroughly unrepentant (not to mention extremely arrogant) and seemed content to throw around meaningless statistics in defence of the indefensible...

One quotation that is not mentioned in the article, but that I noted down, concerns the (misleading) literature - I think this may actually be the best bet for an upheld complaint.

Whilst Acheson said he believed in the integrity of the totality of the information provided, he also indicated that: "individual cases... merit attention."

To me, this suggests that he is fully aware of the inadequacy of certain literature in respect of the fund. Conveniently, Standard Life has removed the archive feature from its adviser website, and edited the old fact sheets before re-publishing them. (How Orwellian!)

What we really need is for someone to upload their copy of the dirty fact sheet in quesiton - dating from March 2007, I think it was - in order to establish a coherent plan of action against Standard Life.

So... anyone got one?

MikeJones_2

Myrmidon_J wrote: »

Gosh, why didn't I think of that?
(Reference your own damn articles! )

Sorry Myrmidon_J, as I hadn't realised you had posted to the article first.

I've taken the reference off my post to allow the thread to flow for future viewers.

Mike

Landyman64

On the fact sheet that I have (March 2008), it states that:

'Some of the cash investments that the Fund may hold are not guaranteed in the same way as High Street Bank or Building Society Accounts are. Therefore, in extreme circumstances, it is possible that the value of the Fund may fall'

I guess that this is therefore their get out of Jail Free card:mad: .

It is some concillation that my investment form last March would be worth substantailly less if it had been invested in a stock market fund along with the rest of my pension:eek: .

It's a sad situation when keeping the cash under the bed is a safer option than putting it into a cash pension fund. We will all be working until the day we die at this rate:A .

dickyseat

I don’t know if this is of help or at all relevant to others but…

In 2002 their blurb read……

the Pension Sterling Fund offers a secure, short-term home for funds.

Secure Funds
The Pension Sterling Fund is intended to provide a temporary home for your money when the short-term outlook is uncertain for investments in equities, property or fixed interest securities.
This fund invests not only in bank/building society deposits but also holds other short- term sterling assets.

In 2006 ( when I went in) it read….

Approaching retirement funds offer the highest level of unit price stability.

“the Pension Sterling Fund offers a less volatile, short term home for funds”

The Pension Sterling Fund (GS) is intended to provide a temporary home for your money when the short-term outlook is uncertain for investments in equities, property or fixed interest securities.

The Pension Sterling Fund was the first of four groups …
Approaching retirement funds.
Cautious funds
Balanced funds
Opportunity funds

I certainly was led to believe it was “ like having cash on deposit earning interest “ and on that basis I will be writing a letter.
Like everyone else I spent the last year trying to weather the financial storms as best I could (I had some money in Icesave- at least I got that back eventually through the FSA) I thought that at least I had got one thing right with my pension fund but guess what……
lets hope the FSA take a look at this.

zoso69

Landyman64 wrote: »

On the fact sheet that I have (March 2008), it states that:

'Some of the cash investments that the Fund may hold are not guaranteed in the same way as High Street Bank or Building Society Accounts are. Therefore, in extreme circumstances, it is possible that the value of the Fund may fall'
.

Hi Landyman

Would it be possible for you to post the fact sheet somewhere?

Many thanks

Paul

Perfect_Choice

The March 2008 quarterly report with the same fund profile wording is still available online so download a copy before they remove it!

http://pdf.standardlifeinvestments.com/exported/pdf/L_Sterling/L_Sterling_Q1_08.pdf

cogito

What is particularly interesting about the March 2008 report is that the fund size is shown as £741m whereas a couple of weeks ago it was £2.4bn. Clearly a lot of investors sought refuge in this 'safe' fund over the last few months. It is now down to £2.06bn - presumably a combination of the revaluation and fund withdrawals.

Perfect_Choice

The Standard Life Advisorzone site provides access to the last 4 quarterly reports on the Sterling Fund from Q4 2007 to Q3 2008:

http://uk.standardlifeinvestments.com/adviserzone/literature/73/inside.html

sabretoothtigger

I almost used a L&G cash fund but I checked what cash actually meant and i believe it really is just various bank accounts in their case and they say what percentage is where, etc

If SL dont provide that information somewhere then they should

Is it possible to hold a pension fund in 100% gold as no currency seems that reliable at the moment even if its appears to take no loss, there are hidden falls like inflation and international devaluation lurking

Also does FP rank over SL in your view Dunston, I noticed its headed by a former SL guy now

bob_a_builder

What is particularly interesting about the March 2008 report is that the fund size is shown as £741m

Although all of the Sterling Fund reports listed in Perfect Choices link ( Post #110 ) show it being around the 2bn mark - [strike]history been re-written somewhere along the line[/strike] edit: withdrawn for the moment

Edit : Ah it seems one is "Uk Retail Pension" and other is "UK Retail Life funds" according to page footer - whats the difference - fund composition is different between the 2
I'm confused, but then its does say "This communication is intendend for investment professionals only" - maybe they can explain it