pension funds have virtually disappeared

polaris060

I put my UK pension into a fund some 10 years ago and never really made any gains, falling in value slightly every year to the tune of about 10% over 8 years. Last year it dropped in value by 67% and I have just received a statement showing its dropped another 66%, meaning its virtually wiped out. I dont live in the UK anymore so maybe I am out of touch with events there, but I would imagine this has happened to a wide audience I would have heard something on the news. This seems incomprehensible and wonder if there is any advice on what to do

JoeCrystal

What is name of the pension fund? Did you select it for yourself? I mean, it sound like it is very risky fund for some reason.

dunstonh

but I would imagine this has happened to a wide audience

No.  Most people are pretty close to a  two thirds increase to double their value from 10 years ago

This seems incomprehensible and wonder if there is any advice on what to do

You havent given us any details.   We cannot really help until you do.   So, what are the fund(s) you are invested in?

bostonerimus

What is this fund? Your experience sounds very much out of the ordinary.

Marcon

polaris060 said:

I put my UK pension into a fund some 10 years ago and never really made any gains, falling in value slightly every year to the tune of about 10% over 8 years. Last year it dropped in value by 67% and I have just received a statement showing its dropped another 66%, meaning its virtually wiped out. I dont live in the UK anymore so maybe I am out of touch with events there, but I would imagine this has happened to a wide audience I would have heard something on the news. This seems incomprehensible and wonder if there is any advice on what to do

You mean you transferred from one pension scheme to another? Who advised you to do so and were they an FCA regulated adviser?

polaris060

Wow so many prompt replies, thank you

the fund was originally advised by a company in the UAE where I was living at the time DeVere. known as FlexMax investment platform, with Cornhill, now called the International Investment Platform (IIP).

This is a run-down as provided by someone from Mattioli Woods who have been corresponding with me for some years ( Im not sure of the connection between Mattioli Woods and MC Trustees) : 

MC Trustees Ltd provided you with the pension plan that your previous scheme was transferred into. This is a Self-Invested Personal Pension scheme and allows access to a large range of different investment assets including discretionary management portfolios, stockbroker accounts, NS&I investments, deposit accounts, commercial property and unquoted shares, as the name of the pension plan indicates this allows clients considerable options to self-invest where they choose, typically with advice from an professional adviser, such as DeVere. In addition to the investment with IIP your pension scheme also has an audit account with Metro Bank. The pension scheme is registered with HMRC under a master trust and is regulated by the Financial Conduct Authority (FCA) in the UK

dunstonh

That lets us know who the SIPP provider was and the agent that put it in place.

However, SIPPs can have over 30,000 different investments in them.    So, we need to know the name of the funds you are in.   It isnt the pension that is the problem.   It is the investments that are within it.   Look at your statement or online valuation for a breakdown of the funds it is invested in.   That is key to us being able to answer.

polaris060

There are a long list of funds but there are two entries that appear to have all their value listed as 

Luxif sca sicav sif - amathus

polaris060

correction: There are a long list of funds but there are two entries that appear to have lost all their value, listed as 

Luxif sca sicav sif - amathus

coyrls

This may be relevant....

https://www.moneymarketing.co.uk/news/forthplus-sipp-provider-links-to-foreign-ifas-revealed/

polaris060

ok thank you. so I guess my pension is gone