Aegon Scottish Equitable Name and shame!

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
13/10/2008 21:19

The Lady Wyn (a sad case) in need of professional support (if anyone ever has) has today



received an update from her pension Advisor Aegon Scottish Equitable, of her current



pension entitlements.



From 9/10/07 to 9/10/08 her LIFE TIME SAVINGS have almost halved. This is despite the



fact that she has paid for Independant Financial Advise. ( That is the man in the Range



Rover Sport with TV, fridge, and full I pod connectivity).



The sum involved is considerable, and the consequences will be far reaching for her home



comforts in retirement.



If they can pick on a depraved lonely little 60 year old, is there no end to their greed?





This is UK today, Governed by a motley crew, that call themselves a Government.



Can anyone help?



wyn

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
13/10/2008 21:27

winyardman I was in financial services regulation at the FSA and have compliance tested many product providers, IFA.s and their client files. When one invests in a pension, savings product or a mortgage endowment the adviser should consider the risk attitude of the investor and match that to the funds and product. Poor prrformance is not grounds for a compliant or any compensation but many complaints have been upheld as many adviser files are often non compliant. I have just assisted a friend to get compensation of £500 for a poor advisor file. With the current state of the stockmarket almost all investments unless cash have fallen my own also by in excess of 30%. The market will rise agaion and one should not get nervous you aint lost anything until you need to take withdrawals. At this time it is probably wise to sit tight and if one had spare cash perhaps take advantage of the los fund prices if you feel comfortable with the risk.

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
13/10/2008 21:28

sorry some terrible typos in the last message just ask if you dont understand wot I mene!!!!

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
13/10/2008 21:33

and I bet you Wyn that self same bloke responsible for you wifes pension loss was brought up on your conservative thatcherite teachings,i.e make as much as you can at any ones expense and dont worry about it.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
13/10/2008 21:33

rocky,



She is a 60 year old lady. Should her entire funds be in shares?



I hope that the markets turn up. before her toes do. Poor thing!



wyn

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
13/10/2008 21:38

if at 60 her entire funds are in shares you will have seen that that is a risky strategy. There again if she intends to work for a few years there is time for the market to improve. It would have been sensible about 18 months ago to have changed form equity invetsments to a cash based fund I should have done the same but expected the market to get back up to 6600 again before the dip which was due. Us amatuers never get it right and I dont think many of the fund managers would either. A repeat of was it Black Monday 1987 I think but this came sooner than I expected.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
13/10/2008 21:45

rocky,



she has never worked. Poor thing!



Its a cruel world, living under a Government, that offers no protection to the weak, but pays



lip service to doing so.



wyn

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
13/10/2008 21:50

rocky ..I learned from the last episode after Ilost a few quid on bad advise and my hard earned brass sits in abuilding society cash isa earning me 6% tax paid albeit that is only for 12 months and then I will look at other offersthat come out....

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
13/10/2008 22:00

6% is good but thats for a year if you know how to play the stock market and even options..the UK stock market has made 8% since Friday, he who dares!!

I fully expect and hope for considerable gains on the market over the next few months

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
13/10/2008 22:02

6% is good but thats for a year if you know how to play the stock market and even options..the UK stock market has made 8% since Friday, he who dares!!

I fully expect and hope for considerable gains on the market over the next few months

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
13/10/2008 22:06

rocky ..Iprefer something that is guaranteed without any problems.Playing it safe at the moment.Watching it with interest,pardon the pun,to see how things work out...

jakki



Joined: 23/10/2007
Posts: 865

Message Posted:
13/10/2008 22:07

Wyn,



Can I strongly recommend "Honest Gordon" in the 3.30 at Haydock Park this weekend. Price is 100/1.

Regards





Arthur

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
13/10/2008 22:18

rocky ..I learned from the last episode after Ilost a few quid on bad advise and my hard earned brass sits in abuilding society cash isa earning me 6% tax paid albeit that is only for 12 months and then I will look at other offersthat come out....

girne 29


Joined: 06/12/2007
Posts: 1488

Message Posted:
14/10/2008 01:45

Rocky

Please explain something

When I complained about my pension fund last year ,I asked , when the stock market dropped after 9/11 etc ,the fund lost money but now( last year).that the stock market had returned to the normal 6000mark why then has my fund not returned to normal.

I was told that was because after the panic, pension funds were mostly put into low yield but safe guilts and Govt bonds,so couldnt take advantage of the upturn in stock market.

Now we are told that funds are losing money again because of the crash, How can that be when in my own and millions of other cases, we had been told most of the funds been moved from the stock market.



Seems like when the stock market goes up we lose because we are in bonds,and when the stock market goes down we lose because ----???



Heads the pension companies win, tails we lose!

fire starter


Joined: 19/06/2008
Posts: 3401

Message Posted:
14/10/2008 08:12

wyn

my brother in law had the same sort of thing happen with a company pension when he worked for the whitbread group.

he found out after they made him redundant!

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
14/10/2008 09:35

Wyn I assume the Lady Wyn has invested her pension in equities. This should be inline with her attitude to risk as discussed with her pension adviser at the time.

I wouldn't advise her to come out of equities now, despite the fact that her fund has decreased. When the market recovers, and it will, she'll be perfectly placed to regain her losses. If she switches her fund now to,say,cash, she will not get the gains when the market recovers.

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/10/2008 10:08

No1Doyen,



I have swapped her equity portfolio for some pink plastic beads, on my Financial Advisors

advise. He ran off with the case of firewater though!



She is happy now. She has always liked bright colours. Poor soul! She is so thin, without food!



wyn

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
14/10/2008 10:14

Wyn, why waste money on food.

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
14/10/2008 10:23

reply to 14 - it depends on where the funds are invested different sectors of the stock market have performed differently and fund managers decide where they invest. Unless you are in a indexed fund to the stockmarket the variances between the better performing funds and the worst performing funds can be enormous. I would echo another comment below if you are in equities dont come out wait for the market to improve and then you have to make a decision. With prices low this is the time to invest (unless it rhashes further but I think this unlikely)

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/10/2008 10:36

Rocky,



To be serious for a moment, I agree that to change from equities at this point would be futile.



She will just have to try and ride this out, in the hope of recovery. I was just making the point about Financial advisors.



I personally had been heavy into Norwich Union Property and I was charged a £16000 penalty to remove my funds, when the market started to dip.



Happily I am now in cash in a Bank of Ireland bond paying 7.8% with a 100% guarantee

from the Irish Government.



Thanks for your advise though.



wyn

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/10/2008 10:43

No1 Doyen,



I totally agree. It is a new diet that is taking the western world by storm.



The Pensioners Diet. Guarantees to cure Obesity. It is being pushed by Financial Advisors



under the banner......."We will show you how to make a small fortune, give us a large one,



to look after for you!"



wyn

aripointer


Joined: 01/07/2008
Posts: 189

Message Posted:
14/10/2008 10:58

Once again Brown has pulled the wool over our eyes.

The country was bankrupt before the crunch started.

Brown's poll ratings were so low he couldn’t raise taxes to get the country out of the mess. So for Brown and his merry men the bank crisis came at the right time. Taxes will be raised to bail out firstly the government. Secondly the banks. The banks problems are only small fry to the actual state of the economy. Heads have rolled in the offending banks, Browns head should have gone when he sold off all our gold reserves ,which is now the strongest commodity in the world. Of course he has thrown millions at the banks “it’s our money.” The hard working taxpayer?

wynyardman



Joined: 15/12/2007
Posts: 4580

Message Posted:
14/10/2008 11:20

Ah, at last a realist,



aripointer you see it as it really is. No smoke and mirrors. No rose tinted spectacles.



REALITY. We had all the spin again (Mandy is back) We have paid the piper, but who is



going to call the tune. The IMF again, at the end of the day!



We shall no doubt hear the children shout....Brown is our saviour!!!! stockmarkets rise by



10% They forget stockmarkets are down almost 50% on their highs, and we are already



taxed higher than we have ever been historically. Food prices going beyond pensioners



ability to pay. Energy prices beyond pensioners means. NOW JUST WHO IS GOING TO PAY



FOR ALL THIS ADDITIONAL DEBT?



Mr Brown works on the maxim "Now you see it, now you dont"The magicians sleight of hand!



I fear that there will be no hiding for the man this time.



wyn

PtePike



Joined: 20/05/2008
Posts: 2334

Message Posted:
14/10/2008 12:10

wyn: "I have swapped her equity portfolio for some pink plastic beads, on my Financial Advisors advise."



On Ann Summers' advice, surely?