Pizz Poor Pension Fund Retuns?

Malthusian

If we're not going to be told what the Clerical Medical pension was invested in that managed to lose 50% since 2005 (FTSE World return in same period: +234%) then I call wind up.

I had a look at Clerical Medical's pension fund list and their worst performing fund over that period (not including cash funds) was GMPP Equity, which is up 20%. Still dire but not even close to losing half its value.

dunstonh

Yearly charge 1% is as stated in her last illustration dated 08/04/2016

The default charge is 1% but that should have dropped to 0.75% in April when rules about maximum charge on default funds came in.

Which part of my wife's sorry experience do you claim to be inaccurate?

Your wife says she has only got 1.5% pa. equivalent. The published returns on the fund do not match what you are saying. 10 year returns are 5.5% p.a. average net of charges and that was before the recent market increases.

No CM fund has lost money in the period mentioned.

missile

I have posted benefit statements for those who think ........ I am being less than honest.

AnotherJoe

You might want to remove those. With a teensy bit of twiddling in Photoshop or similar it would be trivial to read the post-it-note-blanked-out personal details.

missile

Many thanks Joe. I have edited my post and replaced those photos.

dunstonh

The CM plan is likely segmented between the two fund types and the second letter is probably just covering one of those two.

The CM WP fund is not great. However, it is not loss making and there is no MVR on scheme retirement age. So, even if it never made a penny through annual bonus or final bonus, you would get the same value you invested.

The CM Unit linked fund doesnt say which fund(s) you are in but none have been loss making in that period.

What do the statements show over the years?

HappyHarry

Something is amiss here.

The With Profits fund can't have fallen in value.

The Unit Linked fund wouldn't have fallen that much.

Possibilities that I can think of:
1. They are different pension plans (I suspect you've already checked this)
2. The later letter only refers to one of the funds and not the other. (Why that would be, I can't think).
3. Part of the pension was previously transferred elsewhere.
4. Your wife has withdrawn some funds through Drawdown (seems unlikely the CM would offer this on an old plan).
5. CM have made an error.

If your wife calls the number on the letter, and asks CM why the significant drop in value, she should get an answer.

From a pure curiosity sake, please could you let us know what CM's response to the call was.

missile

dunstonh wrote: »

The CM plan is likely segmented between the two fund types and the second letter is probably just covering one of those two.

The CM WP fund is not great. However, it is not loss making and there is no MVR on scheme retirement age. So, even if it never made a penny through annual bonus or final bonus, you would get the same value you invested.

The CM Unit linked fund doesnt say which fund(s) you are in but none have been loss making in that period.

I have shown you the statements which show her fund made a loss.

missile

HappyHarry wrote: »

Something is amiss here.

The With Profits fund can't have fallen in value.

The Unit Linked fund wouldn't have fallen that much.

Possibilities that I can think of:
1. They are different pension plans (I suspect you've already checked this)
2. The later letter only refers to one of the funds and not the other. (Why that would be, I can't think).
3. Part of the pension was previously transferred elsewhere.
4. Your wife has withdrawn some funds through Drawdown (seems unlikely the CM would offer this on an old plan).
5. CM have made an error.

If your wife calls the number on the letter, and asks CM why the significant drop in value, she should get an answer.

From a pure curiosity sake, please could you let us know what CM's response to the call was.

Please be advised:
1. Both documents have the same policy number
2.The later letter gives total fund value but not details of current fund(s). Hence I was unable to answer an earlier question.
3. No.
4. Not an option on this scheme.
5. Possibly.
You may have noted the annotation on the letter from CM? My wife did phone Gary and after a protracted phone call she is no wiser. We do intend to make a written complain to both of her pension providers.

missile

Obviously my wife could and with hindsight perhaps would have monitored her investments better. I am sure she is not the only pensioner who trusted her employer / pension provider to manage her funds.

I don't see why I need to prove I have not been telling porkies. Even AEGON have admitted that her pension fund has not kept pace with RPI. See attached >