Legal and General (L&G) have sent me a summary of the performance of my two "with profits" (a misnomer if ever there was one) polices that I have with them.
They mature this year and, in theory, are meant to cover a £75K mortgage.
Based on the less than stellar performance to date, as outlined in the bonus statement for 2011, I estimate that the shortfall will be around £30K; ie a percentage shortfall of 40%!
This spectacularly poor performance is "odd" given what L&G say about themselves:
"You have one of the UK's leading fund management groups looking after your money.
The With Profits Fund aims to even out some of the short-term ups and downs of investing, helping you to plan for your future."
Complete and utter bollocks!
Do these people really believe their own bullshit?