Pension Statement concerns

dunstonh

typical of the Pearl,

Pearl are a disgrace. 4-5 years ago they quoted at 5% SMPI. A couple of years ago they increased it to 6% SMPI. Earlier this year they increased it to 7% SMPI.

Guess what their bonus rate is and has been for the last 7 years..... Zero. Yet people getting their statements will see their projections improving as Pearl are manipulating the figures rather than giving an actual investment return.

EdInvestor

Given that Pearl has acquired Resolution/Phoenix, it now controls an enormous number of zombie former lifecos, many of them household names.

Should there not be a complaint made to the FSA (or at least a report or two in the trade press initially) about the way it behaves?

k

dunstonh

I dont know if they are technically doing anything wrong as the FSA set the projection rates and Pearl havent exceeded those rates. The choice to use lower rates is with the provider and not mandatory. It still stinks and I know a few IFAs that cannot do pension transfers from Pearl any more as their network will only let them do it where the charges are lower. They now pass their transfers to me to do as I dont have silly rules like that but I am sure that Pearl have done it on purpose as they have been losing hundreds of millions of pounds in transfer outs.

Retired_I.F.A.

chesky369 wrote: »

Actually, I think some people on here have forgotten the original poster some time ago. I should think Namby has probably become either bored or confused, or probably both. Internal squabbles, whilst no doubt fascinating for the participants, are a real turn-off for people with a proper concern.

Nambys query was settled in the first couple of posts. If you find the rest of the thread boring tough, no ones forcing you to read it and If you find it so boring (or above your IQ level of 2 ) you feel compelled to post crap as you have then I suggest you fook off and get a life.