Mis-Sold Pension - ABBEY LIFE

twentyfour11

I called Abbey Life again and they state that my pension started in March 1990.

I have paid cash £32,631 and this equates to £36,845.

dunstonh

I called Abbey Life again and they state that my pension started in March 1990.

So, the pension you started in 1986 actually started in 1990. The agent that called for 18 years managed to do so 8 years after the company closed and the net/gross figures you have given are wrong (not even close to being possible). I suspect its because you are mixing and matching gross/net payments for when self employed had to claim the tax relief back and then they didnt.

If £36845 is the total gross contributions paid, then even at the lowest tax relief rate possible, that would be a net contribution of £29,476. For some of the period you paid, you would have had higher tax relief as the basic rate was higher.

With the revised information you are posting, its clear that its not as bad as you thought. If we had your contribution history (which I suspect is small amounts at the start but larger later but nothing since 2000 after Abbey closed down). With 50% being in UK equity and being a regular contribution and not being rebalanced or diversified, it would have suffered badly in 2000/1 and 2008/9 although better last year.

The fact is though that both funds have performed in line with their sector averages or just above. So, they are not bad performers.

The biggest problem is that you were a lazy investor with half the fund in a specified area (UK equity) and you lacked diversification and rebalancing and stayed in a contract that was obsolete for over a decade despite you saying you did frequent reviews. The lack of increases certainly havent helped as inflation has eroded your contribution and you missed out on the benefit of buying more during the more volatile periods of the tech stocks crash and recent global recession.

twentyfour11

Your maths are wrong I made cash payments of £32,631. With the tax credit its £36,845

dunstonh

twentyfour11 wrote: »

Your maths are wrong I made cash payments of £32,631. With the tax credit its £36,845

That figure is not possible. It equates to a basic rate tax of 11.4%. At no point has basic rate tax been at that level or even close to it.

bendix

dunstonh wrote: »

That figure is not possible. It equates to a basic rate tax of 11.4%. At no point has basic rate tax been at that level or even close to it.

*sigh*

give up, dunstonh.

you're wasting your breath.

sombrero

twentyfour - Sorry these idiots are giving you a hard time as I can understand how you feel. I am in a very similar situation. Its horiible that these so called experts have all the answers when the truth is that we have been conned with these personal pensions.

The winner is the guy that mugged you in the first place.

Having said that check again with Abbey Life as your figures show 11.4% and tax rates have been 20% or above.

twentyfour11

ok...I called Abbey Life again and bendix and dunstonh have no idea on what they are talking about.

If they had any knowledge on pensions they would understand that the tax laws changed in 2001/2002. Before then I claimed back the tax on my accounts and after I that my £140 per month equates to £175 per month.

With their bad advice its not surprising why so many people in UK are upset and angry.

So the figures I gave above are 100% correct

McKneff

sombrero wrote: »

twentyfour - Sorry these idiots are giving you a hard time as I can understand how you feel. I am in a very similar situation. Its horiible that these so called experts have all the answers when the truth is that we have been conned with these personal pensions.

The winner is the guy that mugged you in the first place.

Having said that check again with Abbey Life as your figures show 11.4% and tax rates have been 20% or above.

There really is no need for the abuse here.

Its really not in the spirit of the boards.

Go and pay for advice if you dont believe any of the free stuff on here.

Velcro_Hotdog

The information provided to you free of charge by members of this forum where based on the information that YOU provided. Had you any clue how YOUR investment worked in the first place there would be no confusion. All the information and advice was given to you based on what you said so it must have been you that was wrong.

dunstonh

Its horiible that these so called experts have all the answers when the truth is that we have been conned with these personal pensions.

Yeah. Its horrible that experts know what they are talking about. Its so much better to have people that dont know what they are talking about.

Having said that check again with Abbey Life as your figures show 11.4% and tax rates have been 20% or above.

So, its horrible for other posters to point out flaws and inconsistency but ok when you do it.

the truth is that we have been conned with these personal pensions.

blind leading the blind.

ok...I called Abbey Life again and bendix and dunstonh have no idea on what they are talking about.

If they had any knowledge on pensions they would understand that the tax laws changed in 2001/2002. Before then I claimed back the tax on my accounts and after I that my £140 per month equates to £175 per month.

With their bad advice its not surprising why so many people in UK are upset and angry.
So the figures I gave above are 100% correct

So, what exactly what I said in post 23 has occurred. So, how is it that I dont know what I am talking about? I thank Abbey Life for confirming everything i have said in this thread is correct.

The problem is that you dont want to listen. You prefer to be ignorant.