Police Mutual Guaranteed Investment Bond

JB9302

dunstonh wrote: »

That just shows you how bad it is. 6 years in and including a period of strong growth and you are only at breakeven.

I agree would not start another one .

JB9302

Happychappy wrote: »

I got flogged the same line of high returns, terminal bonus etc and had three of their 10 year "money spinners" the returns were less then that of a building society.

I wouldn't touch Police Mutual with a frosty mop, just like the Federation, they do nothing for you but cost you money, thats it i'm off again :mad::mad::mad:

Have you a recent example of what return you got after paying in for 10 yrs ? , see my post above how mine is performing after 6 yrs , I'm thinking about £5300 on maturity(going off their illustrations) which is little more than what it will cost me over 10 yrs or is the terminal bonus worthwhile ?

* Just been looking at the figures

Guaranteed Value on maturity Dec 2018 £4790
Plan Value now £2734
Cash in Value now £2663
Payments till Maturity £2166
Worth continuing or can do better cashing in and using that and the £43.33pm till Dec 18 ?
Illustrations show £5150 if growth at 1.5%/£5600 at 4.5%

Happychappy

Mine all finished in the last seven years, the last two ten year money spinners, each £100 per month for ten years was absolutely pathetic, if I had put the money into a cash ISA each year, I would have beaten the ten year return.

I still get advertising blurb from them including this bond, but now I don't even open them, I file them............in the recycling.

There are better products out there, but it's finding an IFA that you can trust ? And trust is possibly the big problem you will have from experiences in the job. I would go down this route before the Police Mutual.

Recommendations from ex colleagues may be the way to go ?, you can always ask NARPO if you were to join the bunch, I didn't bother as most were ex federation types who were a waste of space in the job, and remain a waste of space outside the job, and they always pointed you to the same "advisers" the Fed used to roll out in front of pre retirement courses, I would try and find an IFA from a colleague recommendation, there are some good ones about, and good advice on this board, especially Dunstoh.

jimjames

Happychappy wrote: »

There are better products out there, but it's finding an IFA that you can trust ? And trust is possibly the big problem you will have from experiences in the job. I would go down this route before the Police Mutual.

You don't have to use an IFA. There is the option to DIY if you spend a bit of time which being retired should be entirely possible to do.

It isn't difficult and there are now so many online resources that can help you. It could end up being just one fund that you buy inside an ISA and that is your total portfolio that should perform far better than this type of endowment bond.

planteria

Totton wrote: »

That seems quite over the top, I doubt the Police Mutual have scared the living daylights of the OP.

me too:)

i don't think there will be a lot of experience of Police Mutual outside of those that are existing or former Police Service employees or their families.

planteria

jimjames wrote: »

You don't have to use an IFA. There is the option to DIY if you spend a bit of time which being retired should be entirely possible to do.

It isn't difficult and there are now so many online resources that can help you...

totally agree. there is plenty of useful information and learning about investment can be interesting and worthwhile.

dunstonh

Your choice is to IFA or DIY (ignore other methods). If you can DIY well, then you can save money. If you can DIY badly, such as buying this product as a DIY decision, then it can be a costly mistake.

When looking to employ an adviser, avoid those supplied by affinity groups, unions or other trade bodies. Advisers on those distribution channels tend to have high turnover and often come from long distances to see you and are mainly interested in transactional advice. If you want later advice, chances will be that they have moved on or don't want to see you unless its dead cert advice business because fo the journey time. Small local firms where you can see the owner, partner, director tend to be more favourable as they rely on local reputation and tend to be there long term as it is their own business. In reality thought, the vast majority of advisers do a good job and common sense can tell you when its not (if the advice to an inexperienced investor or someone with not much wealth is to use unregulated and weird investments then be on guard. If its mainstream conventional investments then its unlikely to be wrong)

ShootForTheMoon

Definitely agree with the above, I have 8 x 10 year plans on the go, "investing" £300 direct from my salary... I was young, naive and taken in by he spin at training school...
I haven't opened any more since having similar advice to the above. Will now wait patiently for those to mature and make better informed choices going forward!!

JB9302

ShootForTheMoon wrote: »

Definitely agree with the above, I have 8 x 10 year plans on the go, "investing" £300 direct from my salary... I was young, naive and taken in by he spin at training school...
I haven't opened any more since having similar advice to the above. Will now wait patiently for those to mature and make better informed choices going forward!!

Someone elsewhere had a £10 per week one just mature at £6400 , have you one due soon ?

ShootForTheMoon

Mine don't start paying out until 2018 and the way I bought them will pay out every 6 months for 4 years... They're in varying amounts.
The only good thing for me is that it's all money that I probably wouldn't have had the discipline or inclination to save had it not come direct from my salary when I joined aged 20!!