Experience with Acorn life

  • Thread starter BigBadBreda
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BigBadBreda

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My husband took out a pension policy with Acorn life, paying 23.600euros in 7 months. The company took out 18,000 euros in fees for those 7 months.I realised afterwards that had i taken out the policy with Irish life, the fees would have been a lot less,as Acorn life takeout all the fees together.

This was not pointed out to me at point of sale, as all the reps wanted to do was sell the policy, and make a quick kill, much to my expense.

I would recommend to anybody not to take out any type of policy, keep your money and put into a good savings scheme, at least when you need money for the rainy day, it will be there, and there will be no restrictions as to when you can take the money out.

One of their Reps was as surprised as me, when i got out my first yearly statement, even he did not know about the extent of the charges.

By buying into these type of schemes, it is well time that people realize that they are buying into a fake world where you are paying wages for people in the corporate world, where they make more in a month, than you make in a year, look at the big offices that they own, who is paying for those only us.

As i have said please do not get caught like me , money is hard got in these bad times, if people can learn from my mistake and buy no more policies, then i can live with my mistake.
 

hippy1975

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That is shocking, surely you were mis-sold if this was not pointed out to you, have you tried the financial ombudsman or anything like that ?
 
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BigBadBreda

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I went to the financial regulator, but Acorn life life gave them a different policy document, than they gave me and guess what ,the financial regulator went on their side!!!

When i gave the regulator the policy document, after he had his decision made ,all he said was ,that he noted its contents and my next option was the hight court.

I wonder who can afford such an extravagance, I know ,what you are thinking.

Why did i not give the policy documents, before the decision was given, but I did not know the dirty tricks that people are capable of playing in these times.
 
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mercman

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Which did you go to -- the Ombudsman or the Regulator ??
 

Complainer

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Are you sure that the total loss is all down to fees? Is there any investment performance loss?
 
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BigBadBreda

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Are you sure that the total loss is all down to fees? Is there any investment performance loss?
my pension statement after first year was total contributions 23.600 euros , total contributions invested 5,484.82, total value of fund 3810.96 euros,to march 2009.
 
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tenchi-fan

Guest
that sounds crazy? did you not receive a statement of reasonable projection when you took out the policy.. there are certain docs you must be given when taking out investment and pension products. if you don't receive them the sale is as good as void. i would ask acorn to give you a copy of everything they have on file
 
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BigBadBreda

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that sounds crazy? did you not receive a statement of reasonable projection when you took out the policy.. there are certain docs you must be given when taking out investment and pension products. if you don't receive them the sale is as good as void. i would ask acorn to give you a copy of everything they have on file
this policy was an executive pension plan due to mature at the age of 65, but due to company problems it only lasted 7 months, had I known that the fees were going to be taken out up front I would never have bothered with this company.The sales rep also knew my situation at that time,
 

ninsaga

Frequent Poster
Messages
955
I posted here in the past about Acorn life - I had a similar bad experience with them.Avoid like the plague.

They lost money on my account during times of significant growth world wide. Their fees were hugh. If you look at a long term investment policy (or disinvestment policy as I've called it!) they basically take the first 1-2 yrs of your contributions & use that to cover their setups, admin fees commissions etc. The rest is then 'managed' by some clown who probably spends most of his day on the golf course instead of doing his job.

I had a major run in with them in the past over this, documented everything & basically got nowhere in the end.

To late for you BBB but at least both our experiences should be enough to make sure that anyone considering signing up to have a major rethink.
 
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mercman

Guest
Which Ombudsman did you bring the matter to ? There is also a Pensions Ombudsman. Failing all this perhaps if enough investors that have been ill treated you should / could all collectively launch a legal action.
 
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BigBadBreda

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Which Ombudsman did you bring the matter to ? There is also a Pensions Ombudsman. Failing all this perhaps if enough investors that have been ill treated you should / could all collectively launch a legal action.
i went to the financial services ombudsman 3rd floor lincoln house lincoln place Dublin2,, why he did not request the policy documents from me before he made his decision,, he based his decision on the illustrations of benefits, but the one that the company sent me and the one that they sent to the ombudsman, were entirely different, but it seems that they pulled the wool over his eyes,
 

Complainer

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4,951
my pension statement after first year was total contributions 23.600 euros , total contributions invested 5,484.82, total value of fund 3810.96 euros,to march 2009.
Could you post details of what was said in your benefits illustration about fees and charges?
 
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