First this morning, allow me to bring you further news of my AXA Equity & Law pension fund - Fiona Rintoul reports (click here to reprise Part I)
A couple of weeks ago, I erroneously told you that this fund had been brought down to an AUM of big fat zero by a combination of lousy investment performance and high charges. No! New information from the fun-loving critters at AXA Equity & Law reveals that it was ALL CHARGES.
“As you will see, the unit price has steadily risen throughout the 12 year period,” writes the benighted gentleman in charge of Traditional Pensions Servicing, sounding quite pleased with himself. “However, the monthly deductions have outweighed the growth of the With Profit unit price, hence the decrease in policy value.”
TO ZERO! Is it just me or should they, you know, be shot – or perhaps decapitated now they are part of a French concern?
(See second story "The Emerging Comsumer and the New Normal" to see where I might have been better investing.)Fiona Rintoul, editorial director
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