Life miss sold savings plan?

i was sold a special savings plan 10 years ago, there was no mention of life assurance. 3 years ago we started getting letters saying life assured and my name, and that the value net of any life assurance exit tax was ££. I wrote to them saying that we didn`t sign up for any life assurance and they wrote back saying that there was no life assurance in the policy. I am confused and feel conned. The policy has never performed over the 10 years. Canada life????

Frank Bukows said:

I am confused

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Same here, can you detail the problem and question with some more clarity. Does your plan show deductions for life assurance even after they have confirmed you dont pay for it??

Well why would they send out a statement stating the policy number, and the First life assured and my name. It is not clear what they are charging me for. They say that at 31 Dec 2007 the surrender value of your Futurity Special #savings Plan??, net of any applicable Life Assurance exit tax was ££. Why all of this? All i know is that for ten years of saving i have not even what i put in, and this is in the most least risky one, while they have creamed off about €2000.

Here is info on exit tax:

You might have taken out an SSIA with them in 2001 which matured in 2006 and you might have continued to pay into the plan (having taken out some or all of lump sum in 2006). The maturity of the policy or the exit tax is payable.

Unless you were invested in something like a Pacific Equity fund, the growth would be flat over the 10 years. In some funds the 5 year performance is worse than the 10 year performance.

Most single and regular premium unit linked saving policies have a small element of life assurance usually 101% of the units held.

Unless an Investor is very very lucky, the return on most of these Investment funds are desparate. The only people that makes money from these funds are the sales people or the companies that run them. They are a complete rip off with the amount of charges relation to them is scandalous. There are enough posts in the Investment section of AAM depicting the rip off of these funds and the charges applicable to them.

As for the Life Assurance element, this is a dodge for Tax in favour of the Investment Companies.