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07 November 2009

Have I been misled by "minimum future annual returns"

Have now been through complaints procedure with Phoenix about 10th anniversary surrender value of with profits policy and result is not in my favour. I argued that throughout life of policy guaranteed annual returns had been stated, which I believed to be guaranteed a return on the valuation as at that point but which has turned out to be roughly the MVR which would have been applied at that point divided by the number of years left to run on the policy so rather than a "return" it was a percentage they wouldn't take away if policy reached 10th anniversary.

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