store first

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  • CannySaver_2
    CannySaver_2 Posts: 482 Forumite
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    manuman wrote: »
    The first year is the 8% guaranteed in cash instead of the money going into your pension pot. If you dont take the cash you are guaranteed the second year at 8% too from then on it is just a forecast. The reason for the increase in forecast is that the store pod s rent will rise so the income rises.

    You can't take the cash personally for reasons stated previously.

    Whatever the 'guarantees' are (by the way have you looked into how thse are provided?) transfering a final salary scheme into a SIPP and investing in this is a monumentally bad idea!

    The Canny Saver
    Always looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.
  • manuman
    manuman Posts: 13 Forumite
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    what do u mean by how these are provided ?
  • CannySaver_2
    CannySaver_2 Posts: 482 Forumite
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    manuman wrote: »
    what do u mean by how these are provided ?

    Ok, a better way of putting it, who stands behind the guarantee? If no one rents a Store First unit or pod or Store First goes under who provides the guarantee?

    For example, if a UK bank goes under we know the guarantee is provided by the FSCS, which is ultimately funded by the government.

    What's the chain with Store First?

    The Canny Saver

    PS are you still considering the transfer and investing?
    Always looking for a good deal on my savings, generally risk averse, but always interested in new ideas and new ways of doing things.
  • ChrisWilkinsRSFS
    ChrisWilkinsRSFS Posts: 1 Newbie
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    I come at this from a being a qualified pension professional, and have been asked to look over it by a client who has been recommended by another company.

    My concerns are, regardless of rights or wrongs of switching from a final salary scheme (which by the way is madness - cannysaver makes some valid points here):

    You pay VAT on the purchase price. One of the exit strategies is to sell back at the original price - but I doubt that will include your VAT. So you buy at £10,000, pay £12,000 sell back at £10,000, losing £2k in the process.

    The investor is liable to business rates.

    Think about things logically, when interest rates are 0.5%, the country is in recession, inflation is above Bank of England target but still only around 5% - how on earth can any one guarantee 8% / 10% / 12% per year growth. If that's the return, why offer it to the public - surely the people running the scheme would take it all for themselves.

    If you had £100,000 cash in your hand, and that was all you had and likely to have, would you put it all into one of these units?
  • discos_2
    discos_2 Posts: 2 Newbie
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    Hi I keep on getting phone calls from this company wanting me to invest, making me feel they are in great need to get new clients, maybe needing to sell to some old investors who want to pull out of it. who knows

    I have told them not to ring me up a few times but they keep ringing me up.

    I got the phone call out of the blue, and like many of these they knew all my details, and sent me a DVD which I not even watched and don't want to.

    So the old saying goes if you did not enter a competition or ring up your self it could well be a scam or not worth investing.

    Don't be put off by investing but just be careful
  • brewerdave
    brewerdave Posts: 8,509 Forumite
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    I've had similar phone calls - I now tell them all that I only have one pension pot worth less than £10k,and don't get a State pension - they lose interest pretty quickly:rotfl:
  • kidmugsy
    kidmugsy Posts: 12,709 Forumite
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    CannySaver wrote: »
    I believe that some people in Final Salary or Defined Benefit schemes don't understand how good the benefits are.

    Aye, you have to wonder whether these terribly expensive pensions are an effective way to attract and retain staff. But every time I say so there are howls of outrage.
    Free the dunston one next time too.
  • taking_stock
    taking_stock Posts: 183 Forumite
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    reported as spam
    :beer:
  • bilbo51
    bilbo51 Posts: 519 Forumite
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    taking_stock wrote: »
    reported as spam
    Why would you do that?
  • quotememiserable
    quotememiserable Posts: 590 Forumite
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    manuman wrote: »
    Hi anyone heard of store first investments. I have a final salary pension of 137k and am thinking of transferring it to a sipp and invest in the store first investment plan through clp brokers.

    Can I just clarify that you really mean a pension of £137k per annum? I notice elsewhere you say you're really hard up and struggling for money. On £137k per annum most people would be managing pretty well.
    I wonder if you really mean a pension pot of £137k?
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