"Daybreak confusion over pensions today – apology" blog discussion

edited 15 February 2011 at 12:09PM in Martin's Blogs & Appearances & MoneySavingExpert in the News
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  • CAECAE Forumite
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    Martin Lewis is known as the 'Money SAVING Expert', not Money Expert. There is a difference.
  • dunstonhdunstonh Forumite
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    Talking of annuity errors look at this annuity advice 'error' by dunstonh. In the thread below a poster asks whether they should take up a single life guaranteed annuity rate and is basically given the impression by dunstonh not to bother with it if they have dependants to look after. However dunstonh fails to point out that taking the single life guaranteed annuity rate on beneficial terms and purchasing separate protection for dependants would be a potential workaround for the original poster saving them £1,000's. It is only when that thought is brought up later in the thread that dunstonh starts to mention it. Now surely that omission is much more relevant in that discussion than the drawdown option is in Martin's appearance. Perhaps dunstonh didn't have the time to clarify or perhaps he thought his audience's understanding was too low?

    I cannot see any error in what was posted. I certainly do not give that impression you suggest. I have pointed out potential issues and left it at that. Did you really dig back to 2009 to try and find something?
    It is a true reflection on IFAs like dunstonh if they cannot come to the complete defence of Martin on this one.

    I have already said that the response is over the top. However, it does highlight a few issues that do occur frequently in the media. This is just another occurrence in a long standing issue. The actual error itself is minor and largely irrelevant. The response saying it is ok to because its daybreak and you only have 4 minutes is the only issue I have.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • edited 15 February 2011 at 6:19PM
    SnowManSnowMan Forumite
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    edited 15 February 2011 at 6:19PM
    dunstonh wrote: »
    I cannot see any error in what was posted. I certainly do not give that impression you suggest. I have pointed out potential issues and left it at that. Did you really dig back to 2009 to try and find something?

    Just remembered having had to post to correct your omission and thought how ironic. I thought the original poster was in danger of making a big mistake; it wasn't difficult to find the thread, the thread is there for others to read and make their own judgement on whether there was an omission.

    My thoughts on your response to your own omission is probably best expressed in your own words.
    dunstonh wrote: »

    I was actually more disappointed with the response.
    I came, I saw, I melted
  • All I can say to this is I didn't actually see the piece but I read the blog. It seems like a minor error to me and Martin only had a limited time in which to talk about pensions. It is thanks to Martin 's site that I have managed to save hundreds and hundreds of pounds. He is human everyone makes mistakes. I think he is actually quite brilliant in conveying messages to people in a way that is easy to understand without all the complicated jargon.
    wins so far: 6 mars balls. 5 mars dvds. make up. hair stuff. moisturiser. Vodkat cocktail kit. 2books. 2 peroni coasters. 3 peroni bottle openers. john smiths shirt.face mask. so diary. Sky+hd and sky world.:j Mascara
  • MobeerMobeer Forumite
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    Having watch the clip (which is probably a good idea before commenting), what seems missing most of all is any introduction, as to whether the programme is offering advice or opinion. Also, whilst Martin gets introduced with a URL caption, there is nothing to indicate any professional qualifications, or the lack thereof. I can understand how someone might watch the programme and think they are received professional financial advice for their circumstances.


    --
    note I did not mean to reply to stressedofthecentury the way it appears looking at this thread now; it's a general comment about watching the clip
  • Let me first say that I am broadly supportive of MSE in terms of helping consumers understand money matters.


    Unfortunately Martin made 3 errors in quick succession on National TV during the 30sec or so he discussed annuities, the first being that you have to buy an annuity, that it pays out for life and that you cannot draw from your pension fund. In my opinion these were errors that strongly indicate that this is not his area of expertise or experience, whether or not he has relevant qualifications.



    That is not necessarily a problem in itself. However, if you view many of the comments on his facebook site http://goo.gl/bfTpD you can clearly see that many people believe he is a money saving expert and that they take his advice.


    When programmes are being televised I believe the producers should ensure to the best of their ability that consumers see the relevant disclaimers.



    My suggestion to Martin is that in the same way he steps back from advising on investments, he should do the same with pensions, until such time as he does have the relevant experience and expertise.
    I am an Independent Financial Adviser
    However, anything posted here is for discussion purposes only. It should not be considered as financial advice.
  • Honestly! This is what is wrong with the world when a single sentence is picked apart until the orginal meaning is lost!

    The orginal point was insurance!

    Martin, you have no need to appologise to anyone, you are human therefore you are allowed mistakes. I really feel like some people need to find what is important in life... and go do that instead!

    I mean, really... why such a fuss?

    I hate jobsworths!

    Martin, tell them all to get lost and keep on doing what you are doing... which is saving people money by educating them in the ways of finance.
    We spend money we don't have, on things that we don't need, to impress people we don't like. I don't and I'm happy!
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  • MSE_GuyMSE_Guy MSE Staff
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    Hi Brian,
    That was a typo on the Daybreak website which they have now changed.
    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.

    On Daybreak's website http://!!!!!!!.com/4zdtjod you say:

    "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."

    This is just not at all accurate.
  • dunstonhdunstonh Forumite
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    I hate jobsworths!

    You need to put the responses in context. I don't think its so much that Martin made an error but a case of another journalist making another error. Those that are qualified and authorised get fined for doing things like that and cannot use excuses like "its only four minutes". Yet journalists can make errors whilst covering a much wider audience and have no comeback in the same way those authorised do. It is perceived as an unfair situation. So, I think it was jumped upon for that reason.

    As I have said already, the error itself was near insignificant. It just helps to see where people are coming from.
    Martin, tell them all to get lost and keep on doing what you are doing... which is saving people money by educating them in the ways of finance.

    <devils advocate mode on> Eduction is only valuable when the information is correct. <devils advocate mode off> ;)
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • MSE_Guy wrote: »
    Hi Brian,
    That was a typo on the Daybreak website which they have now changed.

    Good. :)

    This sort of comment should be checked by an appropriately qualified person before being put in the public domain.
    I am an Independent Financial Adviser
    However, anything posted here is for discussion purposes only. It should not be considered as financial advice.
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