HSBC Pensions Transfer to ReAssure

[Deleted User]

GunJack wrote: »

at 31 July the FTSE was at approx. 6700, now it's circa 5800, in the region of 14% lower, that'll account for a lot of the value dropping from then to now I would think...

Who the heck would have their pension solely invested in UK equities!?

Even when the wife and I many group personal pension schemes they were all Global equity/bond funds of some description.

Indeed one of my current funds Newton Global Income has only dropped ~1% whereas Vanguard LS80 dropped by ~5% but both still showing great gains overall [purchased same time last year]

GunJack

jeepjunkie wrote: »

Who the heck would have their pension solely invested in UK equities!?

quite possibly some people who have dc pensions that know !!!!!!-all about them and went with whatever (a scheme/an "advisor") said??

the point being there are many people who are in such schemes who know nothing or less about how they work.....

pnaybour

They have got in this mess because they did not send out closing statements from HSBC and opening statments from re-assure. So we can not be confident sure that all the money moved across correctly. I would have though it would have been a basic courtesy to send customers an opening statement on transfer. Especcialy as with HSBC you conld check the valuation on-line each day and re-assure don't offer this facility.

pnaybour

Invest in equity, depends on your age and attitude to risk.

MichelleUK

pnaybour wrote: »

Especcialy as with HSBC you conld check the valuation on-line each day and re-assure don't offer this facility.

Although Reassure do not offer online tracking, you can set up a portfolio, for free, on trustnet.com to track their funds.

My partner had a couple of old HSBC accounts that transferred to Reassure and I managed to find both of the funds on Trustnet. It took a bit of tracking down but I found them in the end!

dunstonh

pnaybour wrote: »

They have got in this mess because they did not send out closing statements from HSBC and opening statments from re-assure. So we can not be confident sure that all the money moved across correctly. I would have though it would have been a basic courtesy to send customers an opening statement on transfer. Especcialy as with HSBC you conld check the valuation on-line each day and re-assure don't offer this facility.

AFAIA, as no transfer was involved, they did not need to send out closing and opening figures. It was a continuation. Albeit with a new provider name at the top.

NOTReassured

Hi All - not sure who is watching this string any more - I have not added to my HSBC Pension that was transferred to Reassure - but did a quick personal check of the old HSBC Units - X the HSBC Fund (FTSE ALL share tracker fund) and came up with a value of £26,697. Imagine my surprise when i spoke to Reassure and they told me that their 'Equivalent Fund' (JOKE) units were only worth £18,205 - bearing in mind we are talking less than three years since i got the last statement of account from HSBC this is absoutely apalling performance- The One Star ratings i have seen out there for reassure seem a little generous to me - And HSBC deserve to be castigated for dumping their customers with such an underperforming fund manager as Reassure - very poor name for that company IMHOP

dunstonh

but did a quick personal check of the old HSBC Units - X the HSBC Fund (FTSE ALL share tracker fund) and came up with a value of £26,697. Imagine my surprise when i spoke to Reassure and they told me that their 'Equivalent Fund' (JOKE) units were only worth £18,205 - bearing in mind we are talking less than three years since i got the last statement of account from HSBC this is absoutely apalling performance

I suspect you are not reading it right and are missing something.