Share Name Share Symbol Market Type Share ISIN Share Description
Phoenix Group LSE:PHNX London Ordinary Share KYG7091M1096 ORD EUR0.0001 (DI)
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 757.50p 757.50p 758.50p - - - 0 06:39:02
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Life Insurance 7,373.0 -70.0 -34.3 - 2,977.78

Phoenix Group Share Discussion Threads

Showing 2451 to 2474 of 2475 messages
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DateSubjectAuthorDiscuss
12/11/2017
17:31
PHNX no longer manage the funds Fenners, they sold the asset management business, Ignis Asset Management, a while ago so they need not worry about the loss of annual management fees. This aside, I would suggest the market focus is very much on the release of capital so this is potentially good news if a lot of policyholders go for it. :-) And yes, you are right that some of these policies will offer guaranteed annuity rates in high single digits (or even low double digits) and thus are very valuable in current times. In my opinion policyholders are mad to sacrifice these benefits but the prospect of cash now is often very persuasive for some.
hyden
11/11/2017
21:39
Thanks Hyden. If these funds carry guaranteed returns which were written into the contracts in the 1980's I have read they could promise mid teens annuities ( if this is the same we are talking about). If they bought these funds with associated provisions set aside to cover these returns and then end up not making the payouts then I can well believe that would release some capital. You can imagine a defined contribution fund so you know the transfer value - but with a guaranteed annuity rate at the end - if you offload the fund without the guarantee - in return for the policy holder cashing in years early then there will be a tidy reserve released. The downside is presumably reduced funds under management and reduced annual management fees.
fenners66
11/11/2017
01:00
Edit: On second thoughts, by policyholders giving up entitlement to guaranteed returns, it will allow PHNX to release capital* from the life funds (otherwise required for regulatory purposes such as Solvency II, etc.) which benefits shareholders because it means more money is available for acquisitions and / or dividends. :-) * This isn't necessarily free money by the way, it simply means that money will be released from the life funds earlier than would otherwise likely be the case.
hyden
11/11/2017
00:54
MVR stands for Market Value Adjustment, basically a penalty which applies to with-profits funds* on early encashment. PHNX are offering to waive this penalty which is potentially attractive to certain policyholders who would like to take advantage of the fairly recent change in the law regarding pensions (pensions freedoms). The NPL fund is simply the name of a with-profits fund* managed by Phoenix. I would suggest (but do not know for certain) that NP stands for National Provident and the 'L' stands for Life or Limited, simply one of the many companies owned by PHNX * A with-profits policy is basically a policy which comes with certain guarantees at specific points in time, typically retirement (in the case of pensions) or maturity (in the case of investment-based life policies such as endowments or whole of life policies). These types of policy were heavily marketed by insurers in the 80's and 90's but fell out of favour in the 00's following the bursting of the .Com bubble and the Equitable Life debacle. The guarantees proved very expensive following the market falls and indeed ultimately brought Equitable Life to its knees. You might ask why would PHNX want to waive the penalty, what's in it for them? Well, if PHNX were to offer this facility to all policyholders then I would have said that With-Profits fund in run-off are expensive to manage as the costs are largely fixed and will not diminish as the book runs down. This is very unattractive to PHNX, given its stated ambition is to acquire and manage funds in run-off. It needs to do this efficiently in order to turn a profit. However, because PHNX are only offering this facility to older policyholders then my rationale falls flat on its face so, instead, I suggest that this course of action is possibly influenced by the regulator's review of unfair / onerous terms on life polices and PHNX might be taking pro-active action ahead of regulatory censure.
hyden
10/11/2017
22:49
"Phoenix Life is mailing all customers in the pilot, outlining in plain English" Pity they cannot write the article in plain English What is MVR ? What is NPL fund?
fenners66
10/11/2017
11:12
When Phoenix customers first took out their pension, it was common to stop work and retire at age 60 or 65. However, the introduction of pensions freedoms have provided customers with more options from age 55. The customers in this pilot currently have an MVR levied on their policy which means if they withdraw funds before their selected retirement date (typically age 60 or 65), the value of their fund will be reduced to reflect the actual value of the units they have invested. This pilot scheme is being offered to 1,000 customers in the Phoenix NPL fund, and gives customers a choice – to remain with the with-profits fund and continue to benefit from the guaranteed annual returns or switch the money to a unit linked fund MVR-free which offers greater flexibility should they wish to access funds before their selected retirement date. More choice for some customers. Http://www.thephoenixgroup.com/~/media/Files/P/Phoenix-Group-v3/Attachments/press-releases/pr-2017/NPLL%20press%20release%20FINAL.pdf
lauders
19/10/2017
08:37
But there's no F in HMRC... "Oh, I WISH there were no effing HMRC" The F stands for "bless them". A rugby club now, does that mean they like to throw their weight around?
arf dysg
18/10/2017
17:21
Arf - me too, still. HMRC a rugby club?
jonwig
18/10/2017
15:16
Skinny, now I can see the carton. Aha! I get it now, oh yes. Shouldn't it be spelled "HMFRC" ?
arf dysg
17/10/2017
14:41
I cancelled my subscription a few years ago. No intention to ever subscribe again. Presently living of student loans. Expect to take my tax free pension in a few years at 55 below the repayment limit. If they come up with some way of unsubscribing me then I'll simply drink myself to death.
my retirement fund
17/10/2017
08:22
Skinny, I don't get it.
arf dysg
13/10/2017
15:27
Lol! Good weekend all!
sogoesit
13/10/2017
15:25
Nice one Skinny
stonesfan
13/10/2017
15:18
True, on a point of law, Lord Gnome, what happens on decease... does everything go into an Estate managed by the executor? I guess then, in time, the Executor resolves any issues including, hopefully, whether or not one is actually dead? HMRC, of course, have claims on the Estate too. Or can someone be "bureaucratically dead" (while still alive) and the will/estate process not be triggered (with no death certificate)?
sogoesit
13/10/2017
15:11
It's no good getting a letter from your pension company that says you're dead - they will stop paying your pension. ;-(
lord gnome
13/10/2017
14:22
Yes, oops I edited a part saying "the only letter saying I'm dead I would want to receive would be from HMRC"! (Apologies, I should stop editing from my phone)
sogoesit
13/10/2017
14:20
whilst still drawing your pension and spending it !
solarno lopez
13/10/2017
14:16
If you get a letter saying you're dead from an insurance company wouldn't that involve a payout to you? Wouldn't that be good news ;-)?
sogoesit
12/10/2017
07:30
Untimely communications! Seems like office admin needs tightening up at Phoenix :o) Abergele pensioner gets letter from insurance company telling him he's dead! - HTTP://www.rhyljournal.co.uk/home/2017/10/03/gallery/abergele-pensioner-gets-letter-from-insurance-company-telling-him-he-s-dead-96474/ Second pensioner reports receiving insurance letter on her 'death' - HTTP://www.rhyljournal.co.uk/home/2017/10/11/gallery/second-pensioner-reports-receiving-insurance-letter-on-her-death-97091/ SunLife Limited and AXA Wealth Limited are both part of the Phoenix Group.
speedsgh
10/10/2017
08:41
OK, thanks - I've never used them.
jonwig
10/10/2017
08:28
No, they have regular share dealing accounts too - I have a regular sharedealing account plus ISA and SIPP share accounts with them. I usually find them very good - the only slight drawback being that they're not too swift in paying dividends(though I usually find it is within, say, 3 days of the actual payment date).
woodhawk
10/10/2017
08:07
Woodhawk - isn't IG Index for spreadbetting and CFDs? If CFDs is how you hold the stock, getting the dividend won't be a straightforward process for them I'd have thought. Or have you had prompt payment in the past?
jonwig
10/10/2017
07:53
Well, well, IG Index finally deigned to pay my PHNX dividends 8 days late.
woodhawk
07/10/2017
00:29
Woodhawk - I am also having dividend payment issues and my dividend STILL hasn't been credited to my account. However, my shares are held in a portfolio linked to my QROPS savings (pension) and is managed by a "brand" name that I will not mention. I have sent a message to those responsible and made an official complaint about their "service". If I could change them I would in an instant! Not so easy :-(
lauders
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