Tuesday, 4 March 2008

One law for the finance house...

...another for us.

A friend of mine has just attended a meeting about pensions at his new job. Out of the money he (and his company) will contribute, the finance house will deduct:

a service charge - amount unknown; calculation unknown
an insurance premium - amount unknown; calculation unknown.

He doesn't want insurance - but they won't stop the deduction.

He is told he can choose the type of investment - high risk or low risk - but the amount he may lose or win is of course "unknown". He has no control over these investments or indeed over the bonuses the finance house will pay out to their staff. They also take his Serps (or equivalent) and use only that as the basis for his protected rights. In 20 years time they will probably say sorry - the stock market is iffy we can't pay you any more than you would have got with a state pension. But within those 20 years they will of course continue to pay bonuses and dividends.

WHY CAN'T I FILL MY TAX RETURN IN WITH "AMOUNT UNKNOWN - CALCULATION UNKNOWN"? It is time that finance houses are forced to be completely transparent in their dealings with ALL customers, especially the worker.

This robbery has got to stop.

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