# How safe is your pension with Quinn Life?



## barbara (20 Aug 2001)

Hi,

I am very attracted by Quinn Life's pension funds but am wondering what happens to my pension if something happens to them?  What legislative back-up do I have?  What are the chances I could end up with nothing?

Thanks in advance for any advice / thoughts!


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## Liam D Ferguson (20 Aug 2001)

This query was raised a while ago on Askaboutmoney's other server, but due to technical difficulties I can't currently post a link back to the discussion.  I seem to recall the bones of it was that Quinn Life are subject to the same fairly intensive regulatory controls in this country as any other assurance company and also that the assets of Quinn Life's pension funds are separate from the main assets of Quinn Life itself and indeed any other assets of the Quinn Group.  

Anyone else fill in gaps?


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## RainyDay (21 Aug 2001)

as Liam states, the outcome of these discussions in the past was that QL is under the same kind of regulatory regime as every other pension provider in the market. It is really no more risky than any other provider. Indeed, as QL have never issued the kind of 'with profit' policies which came back to bite Equitable Life policy holders in the ass, it is probably less risky than many of the established traditional pension providers.

Regards - RainyDay


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## Dynamo (21 Aug 2001)

*Quinn Life*

Hi RainyDay,

I posted in the original thread on this issue, and I don't think you've summarised it satisfactorily, I'm afraid.

Yes, Quinn Life is regulated in the same way as all other insurance companies, but it's a big step to conclude from this that it is no more or no less risky. All banks are regulated the same way, but they're not all equally risky. All regulation confirms is that a firm meets certain minimum standards.

Quinn Life is inherently riskier than most of the other operators in this market because of its small size and 'start-up' status, in my view. I got Brendan to agree last time that it was riskier than Ark Life, Lifetime, and Irish Life. This time I'll add AAA-rated Standard Life and AA-rated Canada Life and CGU to the list.

And I'll reiterate the point I made last time. This is not an effort to cast 'doomsday doubts' - that's precisely the minimum standard that regulation is designed to cover. But all financial firms comprise risks, no matter how well regulated. And Quinn is more risky than the others I've mentioned.


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## Brendan Burgess (24 Aug 2001)

*Re: Quinn Life*

Hi Dynamo

For the record here is what I said:

_What I said was that Quinn Life is not as risky as the "larger,complex companies".

I accept that Lifetime, Ark Life etc are not riskier - but I was referring to the complex, with-profits companies_

Small, new companies are probably less likely to be around in 20 years time than long, established larger companies.  But if the Quinn Life business model doesn't succeed, there is very little liklihood that customers will lose anything. The funds are separate from the Quinn Life assets; the company has established proportionately large reserves and the company is very highly monitored by the authorities in line with all the insurance companies.

Large complex financial services companies do fail from time to time - The Insurance Corporation of Ireland, PMPA and Barings are two recent examples. I think that the last life company to fail in Ireland was back in the 1950s. 

Brendan


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## The Virus (24 Aug 2001)

*Re: Quinn Life*

I am sure this will not survive the Censor's cut very long, but the following quote suggests that our Leader may have rather scraped through the accountancy exams

The Insurance Corporation of Ireland, PMPA and Barings are two recent examples

:evil :lol


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