Target Life have not appeared on my radar for a long time. All that changed this morning when a new client called to chat about them. Of course I was pleased to rack my brains to remember all there was to know about these plans and indeed there was a lot about Target Life that made them blissfully forgettable.
Having been taken over several times by some of the worst offenders, when it comes to high charge pensions Target Life Pension plans have not changed much, even when absorbed by a larger group. Indeed there is a reason why Abbey Life was owned for so long by a German bank – the level of charges within these Target Life plans are so high, that the profits have become like the Crack Cocaine of the pensions world, with zombie like firms addicted to the income produced.
Keeps shareholders pleased and pension consumers a lot worse off.
The spectacular failure of regulation has not helped, various regulators have decided not to interfere in the market and this has allowed these pension providers to bed down and enjoy the slow rape of their clients. You might think the term ‘rape’ is a bit harsh. Let me know if you can find another word for fifty percent of pension funds being taken in charges over a short period of time.
If you have a Target Life pension, you had better get in touch sooner rather than later, and I’ll do my best to help you solve the problem with it.
2018 Update, nothing has changed with Target Life plans and you should review your plan with them as soon as possible.