Standard Life - annuity missold to my dad - that didn't ask him any health questions!

gadgetmind

le_loup wrote: »

That's why allowing people to blow their pension is a bad move for most people.

Allowing people to drive a car would be a bad move for most people if we didn't have lessons and tests. Quite why people won't invest as much time into understanding how to fund their retirement as they do into how to get to the shops seems odd, but there you go.

I just don't want to have my options "dumbed down" because some people would misunderstand and misuse the more complex ones.

bmm78

le_loup wrote: »

That's why allowing people to blow their pension is a bad move for most people.

And also why the era of personal responsibility is a soundbyte.

le_loup

gadgetmind wrote: »

Allowing people to drive a car would be a bad move for most people if we didn't have lessons and tests.

So you want a test for financial competence?
I thought you hated regulation, red tape, government interference?

gadgetmind

le_loup wrote: »

So you want a test for financial competence?

Education, definitely, but this is rather difficult in a society where so many seem happy to bask in ignorance and blame others if/when things go wrong.

I thought you hated regulation, red tape, government interference?

I accept that some regulation is necessary, but don't think this should extend to trying to protect people from themselves. So, pensions companies shouldn't be allowed to lie, and should be required to point out that you're free to go elsewhere, but how much further than that should they be made to go?

brizesaver

First of, I feel for the OP's father, it does seem unfair he wasn't offered an enhanced annuity, but I suppose, it is a question of you "don't ask, don't get"
I don't know if things have now changed, but I have just in the last couple of weeks applied for an enhanced annuity. My policies were with Phoenix Life and they clearly said in their paperwork that they do not offer enhanced annuities but that there are other providers who do.
Due to sites like these I am very aware of what is on offer, thank goodness!

I have a linked, but separate question:
My funds were applied for, according to Phoenix, on 19th March (Budget Day) at 2pm. On a pot which stood at £41,600 on 4th March, I received £751 less and was told this was due to the funds dropping on that day, due to the Budget. Had they applied at 9am on the day, would I have got more?

dunstonh

First of, I feel for the OP's father, it does seem unfair he wasn't offered an enhanced annuity, but I suppose, it is a question of you "don't ask, don't get"

Std Lifes paperwork for many years has covered the open market option. So, perhaps more "if you dont read you wont know".

My funds were applied for, according to Phoenix, on 19th March (Budget Day) at 2pm. On a pot which stood at £41,600 on 4th March, I received £751 less and was told this was due to the funds dropping on that day, due to the Budget. Had they applied at 9am on the day, would I have got more?

Funds are priced once a day. You dont get to pick the time in the day. It is preset.

brizesaver

Funds are priced once a day. You dont get to pick the time in the day. It is preset.[/QUOTE]

I just wondered why Phoenix told me the exact time. They sort of implied that, due to the pensions announcement around that time of day, all the fund prices dropped. Are they set in the morning?

Luckily it wasn't a great drop but still. Maybe I will make another phonecall when I have all annuity paperwork in my hand.
I just happened to check my online bank statement and saw this lump sum had appeared, unannounced, and that it was a bit less than I thought it would be.
Just as well I check my bank statement most days.

dunstonh

I just wondered why Phoenix told me the exact time. They sort of implied that, due to the pensions announcement around that time of day, all the fund prices dropped. Are they set in the morning?

You would get the price at the end of business that day.

When phoenix say the funds were applied for at 2pm that would refer to the Options system and referring to the pot as "funds". That logs the time and its common for the person to include the time as well as the date now.

I just happened to check my online bank statement and saw this lump sum had appeared, unannounced, and that it was a bit less than I thought it would be.

Due to faster payments system, it is very common to get the money before the letter nowadays.