Ask the dog
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Yes, what you say is true. However, there must have been major movement out of the fund already for them to implement this new clause in the first place. I will suffer falling fund value for 6 months - why should Irish Life not suffer a little also ? I am sure they can absorb any such losses better than I can.
I have two policies like this with irish life. Got no choice but to leave money . I will never again invest with irish life, now i know i would be far better off lodging my money in a deposit account at 5% but i have learned from my mistakes.hurray.
Yes, what you say is true. However, there must have been major movement out of the fund already for them to implement this new clause in the first place. I will suffer falling fund value for 6 months - why should Irish Life not suffer a little also ? I am sure they can absorb any such losses better than I can.
Yes, what you say is true. However, there must have been major movement out of the fund already for them to implement this new clause in the first place. I will suffer falling fund value for 6 months - why should Irish Life not suffer a little also ? I am sure they can absorb any such losses better than I can.
I have two policies like this with irish life. Got no choice but to leave money . I will never again invest with irish life, now i know i would be far better off lodging my money in a deposit account at 5% but i have learned from my mistakes.hurray.
What return have you achieved to date?
previous returns are IRRELEVANT,
each day you mark-to-market you fund/assets value
and then decide if you want to reallocate funds.
I dont like what Irish Life have done here
they made a mistake offering this fund in the first place
and charged its customers fees for investing in it.
now they are withdrawing it/changing the goal posts
to cover their error.
At the end of the day, these fund managers are highly paid professionals
that are trusted by many (financially dumb) average members of the
public to invest their hard earned cash effectively.
When things go wrong, its never their fault
- they never saw a property correction coming!!??
JR.
Hi all,
I have a large amount of my pension invested in Irish Life's property fund.
In early March I requested a switch out of this fund as it has begun to fall significantly. Since Feb/March 08 to present it has lost roughly 10% of it's value. Previously there were no restrictions with regard to minimum notice required to switch into or out of this fund - It was possible to make a fund switch from the date they received written instruction to do so.
So, imagine my dissapointment when I was told that the criteria had changed and I would now have to give 6 months notice of any fund switch out of the property fund. So, by the time I become eligible to switch out of the fund (September 08) it will probably have lost about 25% of it's value. I was told that the new criteria came into effect on 15th Feb, approximately 2 weeks after I requested my switch.
No communication was given to me or other customers regarding this change in criteria - I only found out because I tried to get my money out of the fund.
My question is this - are pension providers not obiliged to communicate in writing any changes which effect their customers investments ? If there is a new lock in period of 6 months then should customers not be notified 6 months in advance ? After all I am paying them a fee to manage my pension fund and one would think they would like to see my investment rise not fall ?
previous returns are IRRELEVANT,
each day you mark-to-market you fund/assets value
and then decide if you want to reallocate funds.
I dont like what Irish Life have done here
they made a mistake offering this fund in the first place
and charged its customers fees for investing in it.
now they are withdrawing it/changing the goal posts
to cover their error.
At the end of the day, these fund managers are highly paid professionals
that are trusted by many (financially dumb) average members of the
public to invest their hard earned cash effectively.
When things go wrong, its never their fault
- they never saw a property correction coming!!??
JR.
I was blinded by figures by my bank when I was looking to earn a bit more for my money. Unfortunately for me I didnt check it out in detail with an expert before commiting to this property fund 2 years ago.
I am now worried sick about losing the only savings I have. €10,000 approx.
Checking the values for this fund every month is a nightmare. It is falling at an alarming rate.
You cant get an honest answer from these SALESMEN in the bank. They say it will pick up again but I have my doubts. Can anybody re-assure me??
People should be really carefull when asking these institutions for advice.
I for one have learned my lesson.
It strikes me that a Property Fund is not a suitable place for investing the only savings you have. So you may have received bad advice two years ago, in which case you may have cause for complaint against the seller.
Do you still have correspondence from the time? Were the risks properly explained to you?
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