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CIS wp pension
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Hi, anyone any ideas? I have just been informed that my CSI life policy... .
It appears to be a savings endowment not a pension.You can complain about misselling, but what would be the grounds? Performance failure isn't a ground, but if the salesmen incorrectly measured your attitude to risk, you might have a case, for example.Trying to keep it simple...
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Well this is where it gets interesting! The insurance rep is a long term friend, who also bought a policy and he too was surprised how low it was, however he no longer works for the company, so...................0
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forgot to say he also bought the same policy which matured at the same time, so he was gutted for himself as well as us.0
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Can you confirm if it is an endowment or a pension?
If it is an endowment, is that the surrender value?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It is called a Ordinary Life Policy, so on the death of one of us; my husband and or I, we would have received £20,000 it states, but if we dont cop it, £4,000 plus bonus's, it isnt joined to our morgage at all. The 20 years is up so the above amount is the matured estimate to be paid to us on 15th February 2008.0
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Its an endowment policy but sounds like it may have a higher weighting for life assurance rather than "savings".I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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So is there no way of complaint?0
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Its not a pension and doesnt sound like a savings endowment. So it was never going to pay out more than you paid in. If that isnt what you asked for then you could complain.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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So i would have been better putting the money under the mattress!0
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EdInvestor wrote: »It appears to be a savings endowment not a pension.You can complain about misselling, but what would be the grounds? Performance failure isn't a ground, but if the salesmen incorrectly measured your attitude to risk, you might have a case, for example.
How would i word such a complaint as we were told it would be in the region of £20,000 on maturity; it was that selling point that influenced our decision in taking out the plan in the first place. If there is no come back, what would be the best way to reinvest? spend it on our house extension to increase its value, put it in bank, what? We would be gratful for any words of wisdom. eliz0
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