Phoenix life

martinroberts101

I have an NPI pension that was sold to pearl- Phoenix Life it has a garunteed final pension but annual and final bonuses have been suspended since 2001. I have written to them complaining of lack of information regarding my pension over the last 15 years and they have declined to give me any explanation of the underlying investments of my policy. They have also failed to confirm I can take my pension at 60 and have only provided the minimum information as to the value of my pension at 70. There is over 55000 pounds in tjix fund and I find it distressing that I can't be given basic information as to how my money is being invested for my future

dunstonh

I have written to them complaining of lack of information regarding my pension over the last 15 years and they have declined to give me any explanation of the underlying investments of my policy.

Pheonix do make available the information but will not explain it as that is the remit of your adviser or your own analysis.

http://www.phoenixlife.co.uk/customer-centre/PeterboroughN/with-profits.aspx

They cannot go beyond the published info as they do not hold the regulatory permissions to do so.

They have also failed to confirm I can take my pension at 60 and have only provided the minimum information as to the value of my pension at 70.

Virtually all pensions can be taken between 55-75. However, certain types of pensions may need a financial adviser involved. Others do not.

NPI have been paying bonuses on plans unless its a section 32 buy out bond with a GMP that is far in excess of what the fund could ever do (NPI never had guaranteed annuity rates). If yours is a section 32 buy out bond then they may be avoiding answering that question on age 60 as the answer could be yes and no. i.e. no, the GMP means it is unlikely that you can take it at 60. But that doesnt mean you cant take it at 60 if you transfer it out and give up the GMP or the GMP will be accepted by another provider. Or it maybe a borderline case where its possible it could get there but may not.

When you write to Phoenix, you need to be specific on the questions. The questions cant be the type that need the answer in an advised/opinion response. They are not allowed to answer those. Age should be answered easily enough and they can say that there are possible caveats that you should discuss with your adviser rather than go into those caveats.

WP fund information would have been easy to point you to their website.

martinroberts101

Thanks for your reply
I am aware that I can take my pension from 60 . It is in the original documentation I hold. It is a with profits policy that clearly states that as annual bonuses are attached they cannot be withdrawn. I understand that a terminal bonus which has been set to zero for 15 years may not be payable but I have received a letter stating g that similar policies are to receive an UPLIFT of 28.9 percent is this to the terminal bonus which is set to zero therefore 29 percent of nothing is nothing or is it a 29 percent uplift to my fund which is worth approx 55k or 29 percent to my garunteed pension plus garunteed attached bonuses. I'm a simple but intelligent person and I find Phoenix Life's answers unhelpful. They still haven't answered my simple question as to the underlying performance of the fund. I have two further pensions with Standard a life and Scottish Widows and the can provide historic bar graphs of the performance of their funds why can't Phoenix life which is an aggro gator of closed funds extend the same courtesy to their investors .maybe they are more concerned for returns to their shareholders NPI was a mutual company a D performed well why was my pension sold on to a for profit company without my permission or benefit
thank you, I await your reply

dunstonh

They still haven't answered my simple question as to the underlying performance of the fund.

They do not have the remit to answer questions about performance other than to state what your value has gone to.

I have two further pensions with Standard a life and Scottish Widows and the can provide historic bar graphs of the performance of their funds why can't Phoenix life

Both Standard Life and Scottish Widows are open for business. Phoenix is closed. Very little resource is put into providing things on products that were often hard coded into systems, are in continuing decline and will ultimately end at some point with no new business replacing them.

Plus, the NPI product and fund is different to those offered by SW and Std Life.

maybe they are more concerned for returns to their shareholders NPI was a mutual company a D performed well why was my pension sold on to a for profit company without my permission or benefit
thank you, I await your reply

NPI was bought at a premium and nearly bankrupted the provider who had to sell the company at a loss to Phoenix.

If you don't like the product you have then buy a different one. You should not expect modern options on products bought decades ago.

martinroberts101

Thank you for your prompt response
I was quite happy until your final response where you insinuated I should be grateful for an investment I have been paying into for 37 yearsl now and another 5 years to go.
possibly you are evolved in this disgusting rip off of average investors
Ultimately I will take this to the ombudsman as I only want justified responses to my questions. I thought Martin Lewis was independent maybe he is or maybe he is hand in glove with a system that rips off investors
disgusted
Matin

dunstonh

I was quite happy until your final response where you insinuated I should be grateful for an investment I have been paying into for 37 yearsl now and another 5 years to go.

A product from 1978. Did your car in 1978 have all the features and options you get on modern cars? Do you expect an Austin Allegro to have anti-lock brakes, electric windows, bluetooth connectivity etc. Was your 1978 tv a widescreen high definition set? No. When more modern and up-to-date products offering new features and options came on to the market you had (and still have) the choice to move to those or leave what you have where it is.

possibly you are evolved in this disgusting rip off of average investors

No. I evolved from apes just as you did.

Now you are calling rip off. Yet nothing in your post indicates anything of the such. It just appears that you are expecting 2015 style features on a 1978 product.

. I thought Martin Lewis was independent maybe he is or maybe he is hand in glove with a system that rips off investors

He is not independent. However, I do not understand where he comes into it.

have you considered that it may be your communication style that is leading to you having problems. For example, shouting rip off and making silly allegations to those trying to explain why things are as they are is not going to do you any favours.

martinroberts101

No I am just concerned about an investment I have made for 37 years to which you have just patronised me . Cannot explain it's investment strategy to me all I wast are simple rwlwvent answers to which you and Phoenix life will not answer . I do not see hat your connection is to Martin Lewis but I'd you are evolved in his organisation I am very deeply concerned to his independence
Thanks for very little
disappointed
Martin

robber2

Perhaps a brief read of this;

http://www.moneysavingexpert.com/site/forum-faqs

may help you understand how the forum works whilst also offering you guidance on the appropriate way to respond to people who are trying to give you advice

dunstonh

No I am just concerned about an investment I have made for 37 years to which you have just patronised me

I havent patronised you. I have tried to explain the issues. Not excuse those issues but explain why it is the case.

You have a 37 year old product but you are expecting 2015 standards. In 1978, nobody cared about the things you are asking for. So, the information available is going to be lighter than modern products.

Your comments suggest you are also asking some things that are outside of their regulatory permissions. So, they cant answer those. They would fall into the remit of an adviser who would have the regulatory permissions. However, I gave you the link to the NPI details on how they invest. That is the best you will get out of Phoenix.

And judging by your responses on this thread, I am not even sure they haven't told you as you appear to have selective reading.

I do not see hat your connection is to Martin Lewis but I'd you are evolved in his organisation I am very deeply concerned to his independence

No, my "evolution" had nothing to do with Martin Lewis! I can also tell you that I know a heck of lot more on this subject than Martin Lewis. As would be expected as he is not an independent adviser but a journalist. It isn't his field of expertise.

Thanks for very little
disappointed

Read the thread again. Stop with the silly comments and focus on what is being said. Try and learn to understand.

martinroberts101

Thanks for your responses but you have let slip an intesting detail I never gave you . I will try to contact Martin directly and have screen shot our conversation. I will now discontinue contact and thank you again for your discussion.

dunstonh

Thanks for your responses but you have let slip an intesting detail I never gave you .

Those pesky radio interceptors I borrowed from the CIA are obviously better than I thought.

I will try to contact Martin directly and have screen shot our conversation.

In normal circumstances, I would say good luck with that. However, in your case, there is something a bit creepy about that.