Mis-Sold Pension - ABBEY LIFE

edinburgher

Go east young man. Go east.

The future is Asia.

I hear you, but I'm a poor linguist

bendix

edinburgher wrote: »

I hear you, but I'm a poor linguist

Just speak in English, only louder.

It works.

They're just pretending not to understand, the scallywags.

edinburgher

Just speak in English, only louder.

It works.

They're just pretending not to understand, the scallywags.

Boom boom!

sombrero

I have a lot of sympathy with the OP as I have with the many people in this country who have lost out with private pensions. The OP mentions Abbey Life and there track record is bad. Just google and you will see what I mean.

I asked the question early which has not been responded to and I repeat again.

The OP has £36,845 net invested with Abbey Life since 1990. He states the value is £47,500. The amounts invested seem to be fairly consistant over the years.

I am interested in how this pension has performed compared with other pension providers.

Can anyone give a guide?

vbm

sombrero wrote: »

I have a lot of sympathy with the OP as I have with the many people in this country who have lost out with private pensions. The OP mentions Abbey Life and there track record is bad. Just google and you will see what I mean.

I asked the question early which has not been responded to and I repeat again.

The OP has £36,845 net invested with Abbey Life since 1990. He states the value is £47,500. The amounts invested seem to be fairly consistant over the years.

I am interested in how this pension has performed compared with other pension providers.

Can anyone give a guide?

Not more than a finger in the air, without knowing:

The charges applied
The exact funds he is in and in what proportions
When the contributions were made
What the conts were in £ terms and if they esclated, I assume he made net conts and the £36,845 is a gross figure.


etc etc

Pension mis-selling usually refers to people opting out and transferring from DB schemes, into personal pensions. At the time this was encouraged by the government who even sanctioned an advertising campaign for it.

The Op hasnt lost out, chances are before the last market crash he was quids in, now because he didnt understand what he is invested in he feels he has lost out.

If the market goes on an almighty bull run and the FTSE goes up to 7000 points he will be a big winner, same as everyone invested in that assets class.

edinburgher

The OP has £36,845 net invested with Abbey Life since 1990

This is misleading, as it indicates that he paid them the £36,845 all at once, which he didn't. Until the exact period over which he invested is clarified, I don't think anyone can answer your question.

We have incomplete information from the OP (some of which has just been plain wrong, regardless of the reason) and a proper answer to your question can't just be guessed at.

Some of the folk best qualified to do so have tried to help out, but have been insulted and lambasted as supposed pawns of a national conspiracy to mis-sell pensions

bendix

sombrero wrote: »

I have a lot of sympathy with the OP as I have with the many people in this country who have lost out with private pensions. The OP mentions Abbey Life and there track record is bad. Just google and you will see what I mean.

I asked the question early which has not been responded to and I repeat again.

The OP has £36,845 net invested with Abbey Life since 1990. He states the value is £47,500. The amounts invested seem to be fairly consistant over the years.

I am interested in how this pension has performed compared with other pension providers.

Can anyone give a guide?

This has been answered several times in the thread. Your supposition is completely wrong.

The OP has NOT had £36,845 invested with Abbey Life since 1990. He has had approximately 1/240 of that invested (ie the first monthly payment of, say, £100) invested since 1990.

It's not rocket science. He has invested a small fraction of that £36k at regular monthly intervals for 240 months.

noh

sombrero wrote: »

............................................
I am interested in how this pension has performed compared with other pension providers.

Can anyone give a guide?

Better than some worse than others.
Take a look for yourself.
You could try using google but I will give you a start. Here's a list of 7283 funds for you to look through.
http://www.trustnet.com/Investments/Perf.aspx?univ=P

dunstonh

To be fair, you could argue that the Abbey, IFA and other parties should have provided help and guidance on this subject and today they are more likey to. But the 'I was mis-sold, because a product I bought worked as it should, but not how I expected' line is getting old.

Abbey Life closed for business in 2000. They were mostly tied agents. A servicing IFA would have carried on the role but it needs the policy holder to start that going.

as I have with the many people in this country who have lost out with private pensions.

Very few people have lost out with personal pensions. The vast majority have done very well out of them. The problem is that they expect too much from them.

I am interested in how this pension has performed compared with other pension providers.

pensions dont perform. Where you invest does that. I have already answered that.

sombrero

I have said that the OP invested in the pension from 1990 to the current date. We know that the amounts invested are consistant. Including the governments tax credits the amount invested is £36,845.

The amount of the fund is £47,500 with the transfer value fund less.

The IFA and others have stated the this pension has performed well and that the OP should be happy. The IFA stated that pensions do not perform and where you invest does that. That is just a spin on words.

The figures above show that the OP pension has done very bad over this long period of time. The IFA can quote the stats but the fact is that £47,500 value represents a bad deal.