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Rakhi Vasavada
Rakhi Vasavada, Financial Advisor
Category: Finance
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Experience:  Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
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In November 1997 a friend who was an adviser for Rothschild,

Customer Question

In November 1997 a friend who was an adviser for Rothschild, St. James Place investments, sold me a personal Pension.I was employed at the time by North Yorkshire Council and had a works pension. I paid all the premiums and the end amount of premiums paid in was £8485.50. Because I had to buy an annuity with the !£13,455.40 that the plan paid out with the Prudential, I feel that with such a small amount to invest in an annuity, was this a suitable vehicle to sell me , and would the charges involved be acceptable for the resulting £10 a week after tax, paying charges to both companies. I have contacted the adviser and have the details of the plan. The question I am asking is ,was this the right product for me or an opportunity for the adviser to get commission on the sale.
Submitted: 2 years ago.
Category: Finance
Expert:  Rakhi Vasavada replied 2 years ago.
Dear Friend,

Hello and welcome. Thank you for providing an opportunity to assist you.

Going by the financial figures that you provided, buying such an annuity with such a small amount would not have served any of your financial objectives. Having said this, though the plan itself may not be deceptive, selling that plan to you meant serving of only one objective, i.e. to earn a commission out of that.

Otherwise, given your other financial conditions, I am sure this amount would not have contributed even a bit in your financial planning being so small.

Yes, if you do not get any reply, filing a complaint with the pension ombudsman is an answer. Kindly refer the following link through whch you can even make an complaint online.

http://www.pensions-ombudsman.org.uk/Complaints/How_to_make_a_complaint/index.aspx


I am sure this would help.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,














Rakhi Vasavada, Financial Advisor
Category: Finance
Satisfied Customers: 4527
Experience: Attorney and Financial Expert. Have specialization in Financial Laws.Practice experience of over 13 years
Rakhi Vasavada and other Finance Specialists are ready to help you
Customer: replied 2 years ago.

Thank you for your answer to my question, I feel your comments totally reflect my view of the situation. I shall be looking at this pension again shortly with my adviser,, much appreciated comments. Thanks, Sylvia.

Expert:  Rakhi Vasavada replied 2 years ago.
Deaer Sylvia,

Hello and welcome again. Thanks for your appreciation.

Please feel free to get in touch with me at any moment. It was pleasure assisting you.

You may please leave a positive rating if this helps as this is the only way we are compensated for assisting you. Alternatively, you may revert back with a reply if you need further assistance or if I have missed out on any aspect of your question.

Warm Regards,

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