Pensions from Life Insurance Company may not fulfil expectations

Thu, 27 Sep 2007

UK pensions consumers who are relying on the second largest life insurance company in the country to provide them with a comfortable retirement could be left waiting, according to recent figures.

Standard Life, the Edinburgh based life insurer, are the focus of a study by the specialist magazine Money Management. The magazine shows that those savers who have been paying in two hundred pounds per month to a with-profits pension scheme over a 20 year period will have a pension pot that doesn’t even reach one hundred thousand pounds.

One financial services expert, Tom McPhail of Hargreaves Lansdowne, reportedly commented: "Standard Life has been a busted flush on with-profits for several years. It misjudged the market around 2000 and before that, it was paying out too much. Its investors are now paying the price of that misjudgement."

Standard Life remained unswayed, with a spokeswoman reportedly saying: "We can't comment on payouts from competitors, but many of our pension policies offer particularly valuable guarantees."
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