Mis-Sold Pension - ABBEY LIFE

twentyfour11

Your question is irrelevant.

Supposing person A did a murder 18 years ago and the police came to arrest person A today. I dont think it would be a defence saying why did you not come around before?

vbm

What is the fund value ?

Many of these old plans have harsh exit penalties.

dunstonh

I had the guy who "sold" the pension come around to my house every year for about 18 years trying to get me to increase my pension...I am so pleased I said NO...NO....NO

The pension plan you have ceased to be offered in 1988. So, how did you top it up if it wasnt available? (1986 plans were retirement annuity contracts. These ceased to be offered in 1988 and were replaced with personal pensions).

Abbey life closed for business in 2000. The rep couldnt have called for 18 years as they didnt exist after they closed.

So, you had a plan that effectively became replaced in 1988, you had a major change in 1998/9 (stakeholder friendly period where plans had to be stakeholder friendly), 2001 when stakeholder plans were introduced and really any time over the last 5 years where charges on personal pensions have continued to drop.

Perhaps you were saying no no no when you should have been saying yes yes yes.

If anyone out there thinks that investing £38k into a pension since 1986 and it now is worth £43.5k as a transfer value is good then I am sorry they have no idea!!!

You didnt invest £38k in a pension since 1986.

Seeing as everyone else on this thread disagrees with you, don't you think its you that is wrong?

Velcro_Hotdog

twentyfour11 wrote: »

Your question is irrelevant.

Supposing person A did a murder 18 years ago and the police came to arrest person A today. I dont think it would be a defence saying why did you not come around before?

PMSL :rotfl:

That is possibley the most stupid argument for having been mis sold a pension I have ever heard. You said the IFA came once a year for 18 years. I bet he tried to give you good advice but you decide you knew better and you ignored him.

twentyfour11

Ok so you are saying that the person who told me this morning that I have invested £36,845 is telling me false information. I dont think so. I

I am so pleased that I said NO NO NO. I see your advice was for me to contribute more. Your advice would have been poor.

Also, I just checked with Abbey Life and I can increase my payments or reduce the payments as I wish.

Its dissapointing to note that as you are a financial advisor you are posting wrong information!!

Velcro_Hotdog

twentyfour11 wrote: »

Ok so you are saying that the person who told me this morning that I have invested £36,845 is telling me false information. I dont think so. I

I am so pleased that I said NO NO NO. I see your advice was for me to contribute more. Your advice would have been poor.

Also, I just checked with Abbey Life and I can increase my payments or reduce the payments as I wish.

Its dissapointing to note that as you are a financial advisor you are posting wrong information!!

But was that amount all your money or was some of it tax relif?

I think you will find he is correct and that your ignorance is the couse of the problems

bendix

Well, twentyfour11, despite all the evidence to the contrary, despite the fact that you have been receiving statements annually and that you by your own admission monitored the value every few months, and despite the fact that the sales person came to see you annually for 18 years, you know best.

And despite the fact that an IFA on here is telling you that the product you claim to have, has changed format several times in that period, you still know best.

Given that you know best; given that you are the expert on this and have kept careful tabs on all this; and given that everybody else offering their opinion is - in your view - a complete numpty, I wonder why you are bothering to ask us.

twentyfour11

Both of you as IFA's should be ashamed for giving out incorrect information.

I have called twice to Abbey Life to check the figures but alas they are accurate. Why would their information be incorrect and yours correct?

dunstonh

Ok so you are saying that the person who told me this morning that I have invested £36,845 is telling me false information. I dont think so.

No. it may be segmented over different versions of pensions.

However, you cannot get past the point that in 1986 personal pensions did not exist. They were retirement annuity contracts. They were abolished for new business in 1988 and replaced with personal pensions. Those that had S226 retirement annuity contracts could keep them running but could not top them up (unless it had a very rare, for time, option in the contract like automatic indexation).

I am so pleased that I said NO NO NO. I see your advice was for me to contribute more. Your advice would have been poor.

I'm managing over 13% a year. How are you doing with DIY? Oh yeah, closer to 1%.

Also, I just checked with Abbey Life and I can increase my payments or reduce the payments as I wish.

So, its not a section 226 retirement annuity contract then but a personal pension. In which case, it could not have been sold in 1986 as personal pensions didnt exist then.

Its dissapointing to note that as you are a financial advisor you are posting wrong information!!

Ok, please let us know how you have bought a product two years before the legislation that introduced it came into effect?

Velcro_Hotdog

I suspect that any answers given on this tread will be a waste of time, the OP clearly knows better than everyone else who has posted including the IFAs.