Pension Performance

[luain]

In 1999 I set up an Executive Pension with Scottish Provident and over a four year period contributed € 31440, I recently checked the value of the fund and it is worth € 33335 - I assume that it was hit for upfront charges on the first premium ( €6966) of approx 40% and the management fee of 1% pa and I also realise the recent drop in equities - but is this type of return possible? And is there an internet source where I could view the history of the fund values associated as Scots Prov have been frustrating to deal with.
Thanks in advance.

 

[ClubMan]

I assume that it was hit for upfront charges on the first premium ( €6966) of approx 40% and the management fee of 1% pa

You should not assume - you should verify exactly what the charges were/are.

but is this type of return possible?

Obviously it is. What is your money invested in? Not a With Profits fund by any chance? If so then (a) choosing such a fund over a high equity content fund might not be that prudent for somebody with a good while to go to retirement and (b) attempting to get meaningful details of charges and realistic fund values can be difficult with WP funds at the best of times,

And is there an internet source where I could view the history of the fund values associated as Scots Prov have been frustrating to deal with.

What exactly do you mean "frustrating to deal with"? If they are not providing an acceptably level of service you should put your complaints in writing and, if necessary (i.e. they don't deal with the complaints satisfactorily), bring the complaint to the attention of the [broken link removed].

 

[luain]

Thanks Clubman I'll try the FSO - by the way the fund is not With Profits but a Select Manged Fund, I've written many letters and even more phone calls, I recently sent three letters to them looking for premium history etc but only got printouts of spread sheets with data that didn't tally with my paper work. I had an independent advisor examine the fund in 2004 and he couldn't get to bottom of it ( he sent about 30 emails ) - I'd call that frustrating!

 

[ClubMan]

Thanks Clubman I'll try the FSO

They won't deal with the issue until you exhaust the complaints process with SP and they issue you with a "final response" letter stating that they can do nothing more with your complaints.

 

[F. Kruger]

Luain,

Why are you not landing this problem on the desk of the person who put the pension in place for you, and presumably got paid to resolve issues like this (should they arise)?

 

[luain]

Ironically the guy retired !

 

[F. Kruger]

Good one

Resolution have taken over the book of business from Scottish/Abbey and in my humble opinion have improved service so you should not have the delays and frustrations of old.

Your agent could have sold his book of business to another agent or it may have reverted back to 'Scottish Provident' to deal with.

Either way, the charging structure that applied to your original policy will continue unless you do something to change that.

 

[luain]

Thanks F.Kruger, I want to transfer the fund to my new provider and wash my hands of this shower - in fairness the new guys are quite good to deal with on the phone but I want to move on on while time is on my side.