CIS wp pension

averageguy11

One of the pensions i have is a cis wp totally protected rights fund value 11500...hopefully i will b able to trans the sum into my sipp later this year ..but in the meantime i want to secure the current value and transfer it into a cash fund..any suggestions ..ones tht dont tie me in..so the sipp bit cant happen

tia

dunstonh

stakeholder or personal pension or fund supermarket pension.

EdInvestor

Does the CIS pension not have a cash fund you can switch into?

averageguy11

Duns

Long as its cheap and has a cash fund and can b got out of shoould the sipp opportunity present itself

Ed...nope just wp

dunstonh

Most decent stakeholders have a cash/deposit fund.

averageguy11

And transferring out again wont b a prob?

elizwalk

Hi, anyone any ideas? I have just been informed that my CSI life policy is at the end (20 years at £63 a month) and paying out £8,950.00 instead of the £20,000 we were led to believe we were to receive!!!!!! Like the bank charges fiasco can I claim misold? this is not a morgage endowment.

elizwalk

Hi, guess what; our CSI policy is only worth £8,950. as apposed to the £20,000 we were led to believe it would be worth after 20 years at £63 per month. My question is as this is not a morgage endowment, can I claim misold, they are to pay out on 14th Feb, which does'nt leave much time i know, but we thought the payout would have been around the 15k and not as low as the above. cheers eliz

dunstonh

Hi, anyone any ideas? I have just been informed that my CSI life policy is at the end (20 years at £63 a month) and paying out £8,950.00 instead of the £20,000 we were led to believe we were to receive!!!!!

20 years ago higher projection rates were used because investment returns used to be higher. Projection rates are just examples and not guaranteed. The FSA sets the projection rates, not the company.

Also, inflation has eaten into that £63pm and you should have increased it over the years to reflect that.

There is no mis-sale here.

our CSI policy is only worth £8,950

Is your crime scenes investigation worth £8950 on top of the guaranteed basic annuity or is that the full value?

And transferring out again wont b a prob?

Stakeholders have no tie in and you get daily values.

elizwalk

Thanks for getting back to me, the £8,950 is the full value, just seems we get done through our pensions and now this, the small man looses out again!!!

dunstonh

I have seen a number of CIS pensions over the years and have never seen one that much lower than the contributions paid in.

They are not great pensions but you shouldnt expect them to be because its CIS. If you wanted a decent product you wouldnt buy from a tied rep. However, a drop that big is unusual.

I suggest you get an IFA to review the pension to make sure you are not missing something or misreading a value. They will also be able to advise on what the best course of action is for that pension.