Pension

viz

I've been paying into a Zurich pension since 2000. I looked at the valuation yesterday and compared it with the amount that was paid in, and calculate that, after charges (totalling 39k!!!) it has grown at 0.002485%. If anyone wants to pay me 39k to keep their money under a mattress, please PM me.

ESchap

If that is not "mis-selling " I don't know what is ... you'd have eared a LOT more just having the money in a basic savings account in the Bank! ...  take the ba$$tards to the Ombudsman, you've nothing to lose and much to gain.

 

PS .. posted in wrong section?

octatonic

That is exceptionally shit.

£39k is a decent house deposit though- if you can get a BTL loan.

Even in the middle of the GFC, where everything dropped we were still ahead- since then there has been a complete recovery.

stonevibe

Pensions are a waste of time & money.

viz

I should have been putting it in a isa thingy. And give us miras back you wank'rs. And stop adjusting the tax brackets. And can't you banks and credit card companies stop charging 39% APR and offering 1% on deposits? It's a tad rich. And why is it that the bottom 20% wealthy group of the population donate 4% of income to charity, while the top 20% pay 2% and they get 20% tax back on that? And why did my Equitable Life pension pot got up in smoke in the 90s? And why are annuities plummeting?

mike_l

viz said:

I should have been putting it in a isa thingy. And give us miras back you wank'rs. And stop adjusting the tax brackets. And can't you banks and credit card companies stop charging 39% APR and offering 1% on deposits? It's a tad rich. And why is it that the bottom 20% wealthy group of the population donate 4% of income to charity, while the top 20% pay 2% and they get 20% tax back on that? And why did my Equitable Life pension pot got up in smoke in the 90s? And why are annuities plummeting?

City bankers* have a lot to answer for.

 

*Aptly named as it rhymes with what they are....

viz

City as well as bankers.

boogieman

That is indeed total shit. Reminds me of getting my warning letter about my endowment mortgage. Basically: " You borrowed £60k from us 7  years ago,. Best case scenario, your policy will pay out £45k, worst case scenario, it will pay out £30k". This was the mid 90's and interest rates were still hovering around 4 - 5%.

And you thought Dick Turpin was dead.

viz

Crap isn't it.

PolarityMan

EEven with poor performance I reckon their still a decent investment vehicle for me simply because of the company uplift which doubles my money straight away.

Sporky

viz said:

And why is it that the bottom 20% wealthy group of the population donate 4% of income to charity, while the top 20% pay 2% and they get 20% tax back on that?

Because 2% of the top 20%'s income is a shitload more money than 4% of the bottom 4%'s income?

viz

No.

viz

Well partly.

VimFuego

I guess they give 2% as that's probably the figure their expensive finance advisor would be adequate for them to salve their guilty conscience.

mellowsun

Pensions are only worth bothering with if your employer contributes too.

Even then, you have to choose the company wisely. Fidelity are good.

Many people went into BTL because successive governments, but mainly Gordon Brown, have destroyed pensions. Trouble is, that boat seems to have long since sailed. Unless you go into housing benefit HMO route in cheaper parts of the UK (e.g. buy a large run down house and convert it into bedsits and rent them back to the council for 100 quid a week apiece). 

viz

Our company finance chap is suggesting i move it to axa - lower fees, higher returns, same transfer bonus. Seems reasonable.

mike_l

Viz, if yo still need someone to keep £39K under their matress I can do this for you. You may* only get back £30k due to "administration fees" though

viz

The 39k IS the administration fee! You're meant to keep all of it!

TTony

viz said:

I've been paying into a Zurich pension since 2000. I looked at the valuation yesterday and compared it with the amount that was paid in, and calculate that, after charges (totalling 39k!!!) it has grown at 0.002485%. If anyone wants to pay me 39k to keep their money under a mattress, please PM me.

You've paid c£3k/yr in fees ???

That's either a very large pension pot that they're (not) looking after for you, or you're getting (or paying for) some incredible level of service!

However, depending on when you invested (pre/post the early 2000's crash) you've suffered either 1 or 2 general stockmarket crashes in that period.  If you were invested in a basic FTSE-100 tracker, that level of growth is about right, scarily.

Of course, the job of the investment professional is to out-perform the standard UK index ... but that'll depend on the level of direction that you gave them, your stated risk appetite, etc.

VimFuego

I think it's socially irresponsible for you to keep that money under your mattress. What happens if the govt need to take it to give to a failing bank. It will be much easier if it's kept in an account of some sort. You really need to think through the implications of what you are planning, stop being so selfish, won't someone think of the bankers.

mike_l

viz said:

The 39k IS the administration fee! You're meant to keep all of it!

In that case, defo, and the beer is on me tomorrow....