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gruffydd

Norwich Union In Panic About Sipps

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Guest The_Oldie
It fears an army of cowboy estate agents and property companies working in cahoots with financial advisers could shortly place the pensions of millions of employees at risk.

Fighting talk indeed <_<.

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For me this has echoes of what went on in the early 80s. At the time I was working for one of the electricity utilities, where we all enjoyed a contributory final salary pension scheme. One of my staff was persuaded by a salesman to give it up for a personal annuity-purchase scheme. I pleaded with him not to do it, tried everything I could to persuade him. He went ahead, seduced by the promise of greater gains from the salesman. He'd be about 50 now, watching his colleagues retiring on between half and two thirds of their salaries (depending on their retrirement age) miserably looking at the size of his pension pot, and what it will buy him.

I came to the conclusion some time ago that the old adage is very true: "you can lead a horse to water, but you can't force him to drink"

Edited by Casual Observer

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PLEASE FORWARD THIS ARTICLE to as many MPs as possible - just sent it to one of my local MPs who was claiming that Sipps were not a problem last week - little risk of mis-selling, etc. Wonder what his response will be to this??

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I phoned a couple of political parties this morning - they weren't even aware of the story, but one of their press officers just phoned me, so they're doing something on this at last.

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For me this has echoes of what went on in the early 80s. At the time I was working for one of the electricity utilities, where we all enjoyed a contributory final salary pension scheme. One of my staff was persuaded by a salesman to give it up for a personal annuity-purchase scheme. I pleaded with him not to do it, tried everything I could to persuade him. He went ahead, seduced by the promise of greater gains from the salesman. He'd be about 50 now, watching his colleagues retiring on between half and two thirds of their salaries (depending on their retrirement age) miserably looking at the size of his pension pot, and what it will buy him.

I came to the conclusion some time ago that the old adage is very true: "you can lead a horse to water, but you can't force him to drink"

Don't worry about him CO. He would most likely have been picked up in the Pensions Review which covered this mis-selling. The scheme he was in was most likely still around and he would likely have been reinstated at considerable cost to the Personal Pension provider.

Your adage is still apt though.

NDL

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For me this has echoes of what went on in the early 80s. At the time I was working for one of the electricity utilities, where we all enjoyed a contributory final salary pension scheme. One of my staff was persuaded by a salesman to give it up for a personal annuity-purchase scheme. I pleaded with him not to do it, tried everything I could to persuade him. He went ahead, seduced by the promise of greater gains from the salesman. He'd be about 50 now, watching his colleagues retiring on between half and two thirds of their salaries (depending on their retrirement age) miserably looking at the size of his pension pot, and what it will buy him.

I came to the conclusion some time ago that the old adage is very true: "you can lead a horse to water, but you can't force him to drink"

"But you can bloody well make it wish it had"

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I just wonder what the real motivation is behind Norwich Union's 'concern'.

Why are they so disturbed by it? Are they not getting a piece of the action?

Maybe I'm being too cynical.

I don't know why cynicism gets such a bad rap. I find it often leads to the uncomfortable truth when applied to most situations.

NU are worried that people will cash in their pension chips and use the money for a property SIPP with some "dodgy outfit". I'm sure some of them are dodgy, but the point is they are competition for NU.

Edited by Smell the Fear

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I don't know why cynicism gets such a bad rap. I find it often leads to the uncomfortable truth when applied to most situations.

NU are worried that people will cash in their pension chips and use the money for a property SIPP with some "dodgy outfit". I'm sure some of them are dodgy, but the point is they are competition for NU.

Yes, perhaps the obvious was staring me in the face all along.

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I just wonder what the real motivation is behind Norwich Union's 'concern'.

Why are they so disturbed by it? Are they not getting a piece of the action?

Maybe I'm being too cynical.

Mmm, but Aviva's profits were UP 21% on the year. They may be raising some serious concerns, not only are EAs completely unregulated (you can have a criminal record and yet be allowed to broker very expensive deal?) and we all know how much of a scam the market can be.

The other concern is the old putting your eggs in one basket chestnut.

I have a pension with Standard Life and given their ability to not spot a price bubble I am slightly concerned. I shall put them in my list of contrarian indicators along with my mother and Tony Blair.

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It may be worth doing one of our 'letters to newspapers' campaigns about this (i.e. letter to the 'letters pages' and e-mails and letters to Editors asking/suggesting that they investigate and run a story on it). It would be particularly useful to get letters in the tabloids such as The Sun, Daily Mail, Daily Express et al, i.e. the ones with a large readership. As many people as possible need to be warned and if possible the whole scheme estate agents and FA's are cooking up needs to be exposed and shot out of the water.

New Labour in its General Election campaign used the 'letters to editors' pages of newspapers to publish letters from the 'general public' saying 'how wonderful Tony and his gang were' and how 'they would definately be voting Labour'. There was a TV programme expose about this tactic. New Labour used this 'letters' campaign because there is research that shows that joe and jane public tend to trust the information they read in the letters pages of newspapers than the information they read in the main articles of a newspaper. With this in mind, and on the basis of past successes of HPC'ers getting letters published I think it would be worth a try with this particular issue. If a number of us do this, targeting national but also regional and local papers, there is an increased chance a getting a number of them published. When papers receive numerous letters about the same topic/issue they tend to think that it is worth publishing at least one of the letters (so I have been told). For those interested in pursuing this here is a list of contact details:

NewsDesk email addresses:

editor.it@dailymail.co.uk (Daily Mail)

letters@standard.co.uk ( The Evening Standard)

et.press.releases@telegraph.co.uk (The Daily Telegraph)

editor@express.co.uk (The Express)

home@guardian.co.uk (The Guardian)

newseditor@independent.co.uk (The Independent)

morsta@geo2.poptel.org.uk (The Morning Star)

news@the-sun.co.uk (The Sun)

news@observer.co.uk (The Observer)

NewsDesk Contact links:

(These publications prefer you to complete an online form)

http://www.mirror.co.uk/shtml/contact/e4.shtml (Contact The Mirror)

http://www.the-times.co.uk/news/pages/reso.../contactus.html (ContactThe Times)

Letters-Desk email addresses:

Letters@dailymail.co.uk (The Daily Mail)

letters@standard.co.uk ( The Evening Standard)

editor@express.co.uk (The Express)

letters@guardian.co.uk (The Guardian)

newseditor@independent.co.uk (The Independent)

dtletters@telegraph.co.uk (The Telegraph)

letters@the-times.co.uk (The Times)

letters@mailonsunday.co.uk (The Mail on Sunday)

morningstar@fsmail.net (The Morning Star)

letters@observer.co.uk (The Observer)

letters@the-sun.co.uk (The Sun)

stletters@telegraph.co.uk (The Sunday Telegraph)

Snail Mail/Telephone/Fax addresses:

The Daily Mail

Northcliffe Newspapers

Northcliffe House

2 Derry Street

Kensington

London

W8 5TT

Tel: 020 7938 6000 Fax: 020 7937 4463

The Evening Standard

Associated Newspapers

Northcliffe House

2 Derry Street

Kensington

London

W8 5TT

Tel: 020 7938 6000 Fax: 020 7937 8980

The Daily Telegraph

1 Canada Square

Canary Wharf

London

E14 5DT

Tel: 020 7538 5000 Fax: 020 7538 6242

The Express

United Media

Ludgate House

245 Blackfriars Road

London

SE1 9UX

Tel: 020 7928 8000 Fax: 020 7620 1654

The Guardian

The Scott Trust

119 Farringdon Road

London

EC1R 3ER

Tel: 020 7278 2332 Fax: 020 7837 2114

The Independent

Independent Newspapers

1 Canada Square

Canary Wharf

London

E14 5AP

Tel: 020 7293 2000 Fax: 020 7293 2435

The Mirror

Mirror Group

1 Canada Square

Canary Wharf

London

W14 5AP

Tel: 020 7293 3000 Fax: 020 7293 3409

The Morning Star

Peoples' Press Printing Society

Cape House

First Floor

787 Commercial Road

London

E14 7HG

Tel: 020 7538 5181 Fax: 020 7538 5125

The Sun

News International

1 Virginia Street

London

E1 9XR

Tel: 020 7782 4100 Fax: 020 7488 3253

The Times

News International

1 Pennington Street

London

E1 9XN

Tel: 020 7782 5000 Fax: 020 7488 3242

The News of the World

News International

1 Virginia Street

London

E1 9XR

Tel: 020 7782 4000 Fax: 020 7488 4433

The Sunday Mirror

Mirror Group

1 Canada Square

Canary Wharf

London

W14 5AP

Tel: 020 7293 3000 Fax: 020 7293 3939

The Independent on Sunday

Independent Newspapers

1 Canada Square

Canary Wharf

London

E14 5AP

Tel: 020 7293 2000 Fax: 020 7293 2435

The Mail on Sunday

Northcliffe Newspapers

Northcliffe House

2 Derry Street

Kensington

London

W8 5TT

Tel: 020 7938 6000 Fax: 020 7937 4463

The Observer

119 Farringdon Road

London

EC1R 3ER

Tel: 020 7278 2332 Fax: 020 7713 4250

The Sunday Telegraph

1 Canada Square

Canary Wharf

London

E14 5DT

Tel: 020 7538 5000 Fax: 020 7513 2504

The Sunday Times

News International

1 Pennington Street

London

E1 9XN

Tel: 020 7782 5000 Fax: 020 7782 5658

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  • 302 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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