Standard Life 10 year savings plan – MASSIVE shortfall

In_for_a_penny

My wife has recently received notification from Standard Life that her 10 year savings plan, which has had a fixed amount of £50 per month paid into it, is approaching maturity.

Simple maths tells us that she has paid £6000 into the plan. However, the final sum which is about to be paid out is a little over £6067!! What an absolute con!!

Can anyone advise what the best way to approach this please is? My wife has contacted our ‘financial advisor’ and expressed her disappointment (for want of a better word) and we are going to write a letter to Standard Life.

Does anyone have any other suggestions as to what we can do about this and who best to direct the letter to? Trying to determine an appropriate contact address to write to at Standard Life is also proving elusive. So any suggestions there too??

Many thanks.

Lokolo

Its an investment, you aren't gaurenteed a return of any sort.

Least you got your capital back at least.

financial_illiterate

It could certainly be a lot worse.

olivetti

If you were not aware the last couple of years have not been the best for investments. Not exactly sure what you could complain about?

mr_fishbulb

What has the plan been investing in? How did those areas do over the last 10 years?

In_for_a_penny

Yes, I am aware of the last couple of years. What about the previous 8 then?
- Thanks

pdx123

My Standard Life savings plan matured on 1st September. £20 month over 10 years,so I paid in a total of £2400.....the payout £2412.37.....a waste of time, but on the bright side I was awarded 202 shares when they demutualised and sold them for £550, so at least that was some compensation!

Hungerdunger

In_for_a_penny wrote: »

Yes, I am aware of the last couple of years. What about the previous 8 then?

Well, as an indication, when you opened this investment, the FTSE 100 was over 6000. It is currently under 5000. Have a look here to see how this index has behaved over the last ten years. (Click the "all" tab to go back ten years)

turbobob

In_for_a_penny wrote: »

Yes, I am aware of the last couple of years. What about the previous 8 then?
- Thanks

There was a three year bear market on UK stockmarket from start of 2000 to early 2003. The UK All Share lost about 50% over that period I believe. Think dot com crash, 9/11 etc.

digannio

It's a bummer when you've spent ten years salting away cash with an institution that no doubt bombarded you with info about what a fantastic investment this has proved to be over ten-year periods, only to find that you very nearly would have been the same if you stuck it under the bloody bed. A complaint unfortunately won't get anywhere as they'll just point to the bit in tiny print that says investments can go down and you may get back less than you put in. All you can do is vote with your cash in the future.

bendix

In_for_a_penny wrote: »

My wife has recently received notification from Standard Life that her 10 year savings plan, which has had a fixed amount of £50 per month paid into it, is approaching maturity.

Simple maths tells us that she has paid £6000 into the plan. However, the final sum which is about to be paid out is a little over £6300!! What an absolute con!!

Can anyone advise what the best way to approach this please is? My wife has contacted our ‘financial advisor’ and expressed her disappointment (for want of a better word) and we are going to write a letter to Standard Life.

Does anyone have any other suggestions as to what we can do about this and who best to direct the letter to? Trying to determine an appropriate contact address to write to at Standard Life is also proving elusive. So any suggestions there too??

Many thanks.

Why is it a 'con'?

If you and your wife didnt know what it was being invested in and haven't shown any interest in those assets over the corresponding ten year period, it's hardly Standard Life's fault, is it.

It is an investment. Not a guarantee. Given the UK sharemarket is down around 16% over that ten year period, you have no complaint at all. Standard Life have - frankly - done an excellent job getting any return for you at all.

There is no point raging against others when it is you who failed to understand the product you bought.