pension miss sold?

jamesd

Deru, no, was for now3d who asked the question. Hard to say more about yours based on that, particularly the huge chunk described as Other. Would really want to know the actual fund names being used.

DavidLaGuardia

Deru wrote: »

My Stocks & Shares ISA, which I've been told uses similar funds to the pension funds actually dropped around £1500 in value in the past year so I just closed it. Not got round to checking my pension recently... Just hope I don't have any nasty surprises.
.

This is classic behaviour and why many people lose in the stock market.

Going in high and sellling out low and thinking you cut your losses.

Stock investments should always be considered in a time frame and what is likley to happen to them. They remain the means by which most above-inflation growth is attained (although the British public seem to have an overwhelming belief that it is property)

gadgetmind

DavidLaGuardia wrote: »

This is classic behaviour and why many people lose in the stock market.

True, but the world does need people who sell low as that's all the enables everyone else to buy low!

although the British public seem to have an overwhelming belief that it is property

But yet again, everyone is *desperate* to buy when prices are soaring, yet they want nothing to do with property when prices are in the doldrums.

atush

Lemmings.

I like to run against the herd myself ;-)

dunstonh

Personally, i am more frustrated that someone cries mis-sale when it is their own lack of knowledge that is at fault. There is nothing wrong with not knowing. It is what keeps me in a job! However, jumping straight to mis-sale accusations rather than find out first is the unattractive side of modern claims culture.

gadgetmind

atush wrote: »

I like to run against the herd myself ;-)

I used to like eating the herd but am trying to cut down on red meat.

gadgetmind

dunstonh wrote: »

the unattractive side of modern claims culture.

Does it have an attractive side?

For reasons I don't understand, dentists nowadays present one with a form to complete that asks inter alia for ones occupation. I always put "Medical malpractice litigator" as I like to think it keeps them on their toes, but it does also mean that they seem to forget to send check up reminders.

now3d

dunstonh wrote: »

Personally, i am more frustrated that someone cries mis-sale when it is their own lack of knowledge that is at fault. There is nothing wrong with not knowing. It is what keeps me in a job! However, jumping straight to mis-sale accusations rather than find out first is the unattractive side of modern claims culture.

Quite surprised by that.

Miss selling means selling someone a product they don't understand, or that isn't right for them. The responsibility is on both parties, to understand. Me to understand what I'm getting myself in for.. and IFA to make sure the customer is getting what is suitable, and that they understand ;-)

Cheers

dunstonh

Miss selling means selling someone a product they don't understand, or that isn't right for them. The responsibility is on both parties, to understand. Me to understand what I'm getting myself in for.. and IFA to make sure the customer is getting what is suitable, and that they understand ;-)

People forget things very soon after. its estimated that over 2/3rds of what was said in a meeting gets forgotten very quickly. That doesnt make it mis-sold. How about asking the person that gave the advice? Why jump to complaint straight away? This is why so many of the key points are written down. So, you can refer back to them later when you do forget.

Your first post read like a fishing expedition looking to complain rather than find out. As I said earlier, not knowing is not bad. However, looking for compensation because you dont know is not a very nice thing to do.

now3d

Well the pension provider is still behaving similarly. Received a letter with projections recently, 3% 5% 7% growth basis, and a caveat that investments go down as well as up.

I hope OFT and FSA are reading this, as they would be the ones to review and consider if the information Pensions providers prepare gives a clear reflection of the reality. What I think pension providers should have an obligation to use realistic percentages in their letter illustations. Which in my case would be 1% per year, with 1.5% fees, and 4% inflation.. oops, that wouldn't get them many customers though. They could even say the year when it went down 3% and 4% inflation. They could use the last 10-15 years as a trend and average it.

If we can educate people to better understand the situation currently (that info is not always clear), and help improve the situation so information from providers is clearer in the future that is the best I can hope for.

Graphs are a great way of being clear with people. When I requested a graph it had 3 lines, and they didn't say which one I should refer to! That's the fund factsheet. I think all letters with projections should show graph of last 10-15 years, with the valuations. Also well worth showing on the plot the Inflation rate