Is Quinn Life still recommended for pensions?

Beamie

Registered User
Messages
24
Hi,

The Pensions chapter of the AAM Guide to Savings and Investments has a product recommendation for Quinn Life Freeway.

Does this still stand given the recent fine imposed on the Quinn group by the financial regulator and turmoil in financial circles?

There was a thread "How safe is your pension with Quinn Life?" http://www.askaboutmoney.com/showthread.php?t=8380 but that was back in 2001.

Appreciate input on investing a pension buy out bond in Quinn Life.

Thanks.
 

Brendan Burgess

Founder
Messages
38,475
I would strongly recommend against buying any products from Quinn Life and will amend the recommendations wherever they appear on Askaboutmoney.

The problem with any family company is that they are subject to the misbehaviour of the owner.

Quinn Life is part of an overall group and is owned by Sean Quinn.

Quinn Insurance Limited was fined €3.5m - by far the largest fine ever imposed on a company by the Financial Regulator.

Sean Quinn resigned as Chairman of the company.

It is obvious that the Regulator regarded this as very serious.

It is my personal opinion that one should not invest in a company which is under the control of someone who has been subject to such a severe sanction by the Financial Regulator.

Brendan
 

Wollie

Frequent Poster
Messages
85
I agree with Brendan. Trust is vital in financial services (as in every other business, I presume). I definitely would not do business with someone who I don't trust, especially if I'm looking at a long-term commitment.
 

Towger

Frequent Poster
Messages
2,126
I don't have a link, but I thought I read what he did was completely acceptable, the issue was he did not declare it in advance to the appropriate body?
There have been rumours amount the regulator and Quinn now for a couple of months. He lost almost 1b on the stock market, and it was not the first time be as lost a good chunk of 'others people' money on the markets. I for one don’t want my taxes used to bail out another insurance company. Do you remember this: http://historical-debates.oireachtas.ie/D/0359/D.0359.198506130009.html

 

Beamie

Registered User
Messages
24
Thanks for the responses I got to this question. They are much appreciated.
 

Brendan Burgess

Founder
Messages
38,475
Quinn Life complained to me about the content of my post, so I have edited it.

However, the implications are the same. I would not trust my finances to any company which had been subject to such a severe sanction by the Financial Regulator and which is effectively controlled by a person who resigned as a result of that sanction.

Brendan
 

Brendan Burgess

Founder
Messages
38,475
Quinn Life has complained to me yet again and have threatened legal action over this post.

The OP said "the company" has been fined.

Of course, Quinn Life itself was not fined or involved in this in any way.

But the group of which it is a member was fined. The owner of Quinn Life was fined.

The Financial Regulator must be happy as they have not withdrawn their license, so that must be reassuring.

If you want to put your savings or pensions in a company with this record, that is up to you.

Brendan
 

Carramore

Frequent Poster
Messages
80
Listening to the interview with Sean Quinn on RTE1 this evening, it's clear that he sees all his businesses as completely interconnected. I may be paraphrasing slightly, but the gist of one of his comments in the course of the interview was that all he was doing when Quinn Direct lent money to the family company was moving money from one part of "the company" (singular) to another. Would Quinn Direct like to confirm exactly what he did say in the interview, so that I can correct this post, if necessary?
 
D

Da_Do

Guest
Thanks lads for putting the wind up me.
What does someone do who already has a PRSA with Quinn?????
 

North Star

Frequent Poster
Messages
224
You can transfer from your existing PRSA to another PRSA without any penalty, We have a PRSA special offer running currently you can check the details on our web
 
D

Da_Do

Guest
Many thanks for that North Star, didn't know I could change to another provider.
Will check out your site
 

GSheehy

Frequent Poster
Messages
310
Quinn Life do not have a PRSA product.

It must be a Personal/Company Pension that you have.
 
D

Da_Do

Guest
Well I am under the illusion that it is a PRSA, it's certainly not a company pension. Maybe it's a personal pension I'll have to have a closer look.
 

UptheDeise

Frequent Poster
Messages
271
After reading this post I am now scared. I have lost my job, when I received bonuses I ploughed them into shares, those shares are down about 60% and now I read this no confidence vote in QL and I have a freeway fund with them. This is down over 31%.

So should I cash in my fund and lock in this lost or hope that going forward QL behaves itself?

Any suggestions appreciated and I know at the end of the day it's my call.
 

LDFerguson

Frequent Poster
Messages
4,067
As QL funds are index-trackers, the performance of the funds has little or nothing to do with the management of the company itself, as long as they are tracking the indices within a reasonable margin of error.

There was never any suggestion that QL funds were at any risk due to the actions of Sean Quinn referred to above.
 

Happy Girl

Frequent Poster
Messages
793
After reading this post I am now scared. I have lost my job, when I received bonuses I ploughed them into shares, those shares are down about 60% and now I read this no confidence vote in QL and I have a freeway fund with them. This is down over 31%.

So should I cash in my fund and lock in this lost or hope that going forward QL behaves itself?

Any suggestions appreciated and I know at the end of the day it's my call.
I am in the very same position as you, however the post attached might give "SOME" peace of mind!!
http://www.askaboutmoney.com/showthread.php?t=101777&highlight=freeway
 
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