Pensions - endowments for dummies

digii_dave

dunstonh wrote: »

Staying in the final salary scheme was best advice and would be today if the same scenario was in place.



And for 30 or 40 years endowments did a splendid job. As no doubt your wife would have agreed at the time. The change in the economy killed that but most people were actually better off with that change. So, its swings and roundabouts.



Eq Life happened. Not much you can do about it but I think you are going a bit far when you say he lost his money. It wasnt quite that bad.



Tied and salesforce FAs cannot give advice on the products of other providers. Rather than highlight their limitations, they will just let you make your own mind up and supply a bit of generic information in the process.



Some advice decisions are clear cut. Some are judgement calls that you will get right or wrong. If you had to make the those decisions again, you would have probably done the same even without advice.

For instance, MSE would be promoting Eq Life right now. It would also be promoting endowments. No-one has a crystal ball but it appears that is what you are looking for.

He did lose his money because he is still working at 65 and should be retired at 50.
I paid in for 15 years to a FS pension and still waiting to see if I get any back 13 years later. If I snuff it soon what in it for me? I stayed in because I was advised to.

I work for Royal Snail now (4.5 billion Black hole in the pension) and they have just altered the final salary pension which means a lady I work with has to work 2 more years to get the same money she would have got last year!

I have had friends who are clueless about finances and have just gone with gut reaction and they are better off than I with mortgages paid off and money in the bank I have planned and not taken chances and will be paying till I drop at this rate.

Is it no wonder that much of today’s youth do not have a pension and who can blame them.

Endowments were all the rage I agree in the 80’s and my wife agreed we should have one because all “the experts” at work were advising it. Her job at NU had nothing to do with Pensions or endowments.

I appreciate you do not have a crystal ball, but almost everything FA's advised me on in the 80's has gone tits up when I need it now. I am sure as stated earlier some FA’s are worth something although rare IMHO, I will start doing the lottery this sat and give up with professional advice as I feel it is FA in name and FA in results!. Sorry