brianrhill wrote: »
Firstly, pensions are investments. The feedback you are getting from the professional advisers in the main is that your comments on Daybreak clearly demonstrated a complete lack of expertise and experience.
Citing a lack of time as an reason to make an error that the greenest IFA wouldn't make indicates that you are not taking this seriously enough.
Consumers believe you are a money expert. However, do you not agree that you have an obligation to consumers in ensuring they understand that where you may have expertise in finding deals from Pizza Hut or car insurance, this does not extend to complex regulated products or advice areas, particularly such as this where decisions are often irrevocable.
We had moved briefly onto annuities, and obviously to explain the impact, as annuities are not a product not all Daybreak viewers will understand I was explaining what they were. I said:"That’s if you’ve got a private pension fund, you’ve paid into your private pension fund, you have to convert it into an annuity"
Now, of course, I could’ve said ‘often have to’ but this wasn’t a guide to annuities, it’s a short hand description to get people to understand what annuities are and why they’re important in context of the point about price rises. And this is unscripted live TV, where word perfect isn’t possible.
"When you retire, if you have a private pension fund most people need to transfer it into an annuity – a product that pays a set amount every year until you retire."
MSE_Martin wrote: »
I have some sympathy for your point of view. Whenever I'm asked about investment products (its not a subject I would ever suggest) I back away as its not my subject - I have said on air many times "I don't cover investing".
Pensions are different - but only in generic practice of ensuring peopel save for their retirement not in the products and what to do - i focus more on state than private pensions anyway
Yet this wasn't a pensions piece it was an 'EU ruling' piece primarily about car insurance with annuities and other things as one of the range of things affected and one of the most substantial hits as Im sure you know.
What was said was reporting a predicted price change- there was no intent to tell people how to sort their retirement fund out and what products to go for, its not something I'd do personally.
If you've watched what was said (and Im sure you have) then I'd be very surprised if you disagreed. The question was just about clearing up what an annuity is for the many people who don't know.
brianrhill wrote: »
I'm unsure how you would know if people had seen the video or not, I certainly have. I very much doubt you've had loads of IFA's and commentators emailing you, feel free to post them here.
As an example of someone giving their opinion on something they have no expertise in:"When you retire, if you have a private pension fund most people need to transfer it into an annuity – a product that pays a set amount every year until you retire."
Clearly nonsense. :mad:
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