enginemans fund

[Groggy]

Hi

I have a couple of these running but i was considering taking another out.
Any advice on wether i should or not?

cheers

 

[Moonshot]

Hi

I have a couple of these running but i was considering taking another out.
Any advice on wether i should or not?

cheers

Yes , its very popular

 

[2000]

Essentially pointless according to a post here:

http://forums.moneysavingexpert.com/showthread.php?t=3461911

Tend to agree, I really can't see what the point in the plan is.

 

[Groggy]

Yes , its very popular

pros?
cons?

 

[Groggy]

Essentially pointless according to a post here:

http://forums.moneysavingexpert.com/showthread.php?t=3461911

Tend to agree, I really can't see what the point in the plan is.

yes i read that .
i always thought they were worthwile but after reading that i was having second thoughts

 

[Moonshot]

pros?
cons?

Get a payout if you lose your PTS

 

[Andrewh32]

Hi

I have a couple of these running but i was considering taking another out.
Any advice on wether i should or not?

cheers

I would strongly recommend you see an IFA before committing yourself to one of these to see if it is the best product for your circumstances.

We all know that in life different products work for different people. I'm not for or against these just a case of what works best for you.

 

[greatkingrat]

The only real advantage is that the money comes straight off your payslip, so there is no temptation to spend it. There is also life insurance included, but most railway staff will already be covered via the pension scheme anyway. Because of the very high charges you will almost certainly end up with a better return by just putting the same amount into an ISA.

 

[Groggy]

The only real advantage is that the money comes straight off your payslip, so there is no temptation to spend it. There is also life insurance included, but most railway staff will already be covered via the pension scheme anyway. In most cases you will end up with a better return by putting the same amount into an ISA.

yeah money straight from off payslip is a pro as you certainly dont miss it im just not to sure of the returns

 

[greyman42]

Essentially pointless according to a post here:bers

http://forums.moneysavingexpert.com/showthread.php?t=3461911

Tend to agree, I really can't see what the point in the plan is.

Why are Unions still selling these products to their members when they appear to be poor value?

 

[tiptoptaff]

Why are Unions still selling these products to their members when they appear to be poor value?

Simple. The unions get commission on them

 

[greyman42]

Simple. The unions get commission on them

And I thought the Unions were meant to be looking after their members best interests !

 

[Raul_Duke]

And I thought the Unions were meant to be looking after their members best interests !

Nah, ASLEF are more concerned with getting Jeremy Corbyn elected than anything else.

 

[cf111]

And I thought the Unions were meant to be looking after their members best interests !

My (non-railway) union are almost constantly trying to sell us stuff, financial products included like pre-paid cards and insurance policies. I do pay into their credit union but that's about it.

 

[bunnahabhain]

I put £5 a week in as it's tax free, so I'll get it back in a few years without paying tax, just in time for a new bathroom or kitchen.

 

[Beano123]

Pros
Cheap PTS Insurance
Cheap Life insurance
Easy method of saving

Cons
Opaque Returns - hard to work out a percentage