SSIA Investment

[Dead Parrot]

I had a SSIA invested with the EBS Summit fund which ended April last year. The capitial gains tax was paid at the end of the 5 years

The EBS sent a letter the if I did nothing that the money would be left in the fund. I did nothing and the fund has now dropped in value.

I realise that I should have taken the investment out at the time but I have two questions.

Can I get my tax back as the investment has now lost value?

I did not sign up to the risk of leaving the money in this fund. Can the EBS do this?

 

[LDFerguson]

Can I get my tax back as the investment has now lost value?

No, everyone had to pay tax at the maturity date of their SSIA. What happened to the fund thereafter is a separate issue.

I did not sign up to the risk of leaving the money in this fund. Can the EBS do this?

I take it EBS didn't switch you into a different fund at maturity. Were the risks of the fund explained to you at the start of your SSIA?

 

[Bobby1]

Did you sign up to the actual fund in the first place, when you opened your SSIA? If you did and they wrote to you advising what would happen to the investment at maturity- cant see what else they colud have have done personally.

Im guessing that for customers that did not respond to these letters, EBS would have assumed they were happy to stay in the fund.

BTW- Im assuming had your investment gone the opposite way you would not be thinking it was a bad idea to leave your investment in equites

Can't have your cake and eat it!