How do you feel? Does the society owe us for misleading us or do we just blame ourselves?
Imagine we were sold a pension plan that guaranteed us a certain return.
They show us evidence of its performance in nice looking graphs an charts in small books we can keep and study. We are even encouraged to get others into this plan as it is so certain. Only a fool would turn down this opportunity.
After many years of paying in to or pension fund, we start to question its performance in the yearly figures we cant see the growth they promised. They tell us don't be so hasty the real returns come at the end , just trust us and be patient.
One day we notice a book in the library , you recognise it as one that the pension firm quoted from in there little book that proved their investments were trust worthy.
You look to see the information quoted and are startled!
The quote they have has been taken out of context. In fact it reads opposite to what they claimed.
This gets you worried."Can I trust this pension fund ,do I keep putting money in?"
You decide to tell one of your friends , who is also paying money into this fund ,what you have discovered. When you explain what you have found he is shocked also, "How can you doubt what we have been told, don't you know these people are completely trust worthy?"
Your friend is not interests in explanations, he has invested a lot of money, if the scheme does not perform as promised he will lose every thing.
In fact in order not to her about what you have found out this friend now ignores you.
You are gutted and upset. You have found out that this pension is not all it was cracked up to be , you have invested all your spare money and more into it after being assured of it certainty, and now your friends won't talk to you as you have doubts.
You decide to write to the company.
You spend many hours thinking of an appropriate letter explaining you concerns and send it off. Days go by as you awaited your reply.
There it is on the floor , the letter you have been waiting for.
Perhaps you will see an apology , or an explanation of what has happened.
When you read it your joy turns to despair. First they rebuke you for doubting them, and tell you you should put their trust in them , after all they have shown you proof that this pension will give you a massive return. Then comes the bad news.
They have withdrawn you from the pension scheme. You are no longer to talk to anyone in the pension scheme and they have been told not to talk to you. All you savings have been confiscated and will only be returned if you recant of you doubts an continue paying money in.
Well enough is enough.
You have wasted 1000's pounds of money you could not afford. You gave up holidays and other luxuries in order to get the most from you money.
You have little time left before you retire and no chance of saving much money again.
All your friends have abandoned you even you family is cold.
One last resort.
"I'll take them to court"
So off you go to a solicitor.
So "Mr ****** you believed it when they told you , you were guaranteed this vast return on you investment?"
"Well yes, they showed me evidence , lots of figures even proof of how it has performed in the past"
"Didn't you know that these returns cart be guaranteed?"
"Yes but they promised"
"Oh come on, you aren't that stupid?"
"Well..er, they are hiding the truth, they know they are misleading people"
"Look you had the choice you should have checked this company out before investing, If we sued the banks and pension companies every time there schemes failed to perform up to expectation they would be bankrupt"
"But they mislead me , I want my money back"
"Look you signed a form that says they have the right to use your money as they see fit.”
“But I was mislead I‘ve lost my life everything”
“Too bad”
Is this the way it has to be for us?