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MyCompanyPension.co.uk - Helping members of occupational pension schemes to better understand their benefits.
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:: Blog | February 2009 (16 blogs) | We all make mistakes: it's how we react to them that defines us
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We all make mistakes: it's how we react to them that defines us
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Standard Life did itself no harm yesterday (11th February 2009) in announcing that it would immediately remediate all investors in its Pension Sterling Fund. The company had announced in January that it would only reimburse investors who entered the fund between 23rd December 2008 and 13th January 2009.
You might recall that after a revaluation the fund recently lost 5% in one day. The reason given was that it held asset-backed securities affected by the credit crunch – something that many investors appeared not to have understood.
The crux of the matter was that it was perceived as a ‘safe’ cash fund by the majority of investors and advisers alike. After investigating complaints, Standard Life admitted that some of its literature may not have been entirely clear and transparent.
I for one applaud Standard Life’s quick and decisive move. We all make mistakes and what defines us is how we react to them when they come to light. Remediation will cost the company an estimated £100m – but on the face of it the pension provider will save much more in terms of reputation and customer loyalty.
It was also a ‘heads-up’ for millions of people as many pension scheme trustees, financial advisers and investors now realise that they need to do more research on even the simplest of products and fund choices.
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Mike Jones, MyCompanyPension.co.uk Ltd, February 12th 2009
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