AIB PIPs/PEPs from yesteryears

[Shaz]

My husband has just told me that he used to have a investment with AIB about 15 years ago where he would contribute monthly, something like a PIP or PEP which he wanted to save for his pension. When he lost his job, he told them he could no longer afford to contribute monthly. They told him that the investment is forfeited and he got no money back (about irish punts 1000). Does anybody recall that this sort of product existed? I find it shocking!

 

[jrewing]

I doubt it was a PIP, I had one of these awful products, and at one point stopped suspended payments. I cashed in the full value about 2 years later.

Mine was BoI, however, come to think of it...

 

[CCOVICH]

Does he have a policy document? I would find it very surprising that you would foreift any funds contributed, but you may not have been entitled to any growth in the fund.

Couple of possible explantions:

1. The value of the fund was in fact zero due to market conditions.
2. The level of charges in the inital period had eaten up all funds contributed.

(I have to admit that I don't have any direct experience or knowledge of these specific products).