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Just Group plc

scottnsilky
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Just Group plc

#226015

Postby scottnsilky » June 1st, 2019, 4:01 pm

By chance, I happened to notice the share price of this company today, down another 5 per cent yesterday, altogether down two thirds in 12 months, and being a client of theirs, I'm drawing a small pension at the moment, I sat up and took notice.The top man has just announced his leaving , or was he pushed? That might account for the recent drop, but it's a little worrying to see how badly the shares are doing.

It seems they are writing a lot of lifetime mortgages, too many for the capital at their disposal, or so I read, and according to one article, they are very heavily shorted, which won't help.

I presume if they go bust, pensions will be covered by the Pension Protection Fund, I hope! Anybody else in the same boat?

dp

Alaric
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Re: Just Group plc

#226053

Postby Alaric » June 1st, 2019, 5:52 pm

scottnsilky wrote:
I presume if they go bust, pensions will be covered by the Pension Protection Fund, I hope!



What's the nature of your contract with them, as the Pension Protection Fund is for the deferred and benefits in payment of employees and ex-employees? If it's a SIPP or an annuity, the assets should be segregated so the Company's creditors cannot get hold of them.

scottnsilky
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Re: Just Group plc

#226065

Postby scottnsilky » June 1st, 2019, 7:07 pm

Alaric,

Thanks for your input, I have an annuity with them, so I won't be covered by that scheme. If my money is ring fenced, but the company folds, who pays my monthly pension?

Thanks,

dp

Alaric
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Re: Just Group plc

#226070

Postby Alaric » June 1st, 2019, 7:19 pm

scottnsilky wrote: If my money is ring fenced, but the company folds, who pays my monthly pension?


It would fall under the Financial Services Compensation Scheme.

https://www.fscs.org.uk/what-we-cover/

Annuity

If you’re drawing a set retirement income from an annuity, even if it has a savings element, and the firm fails.

100% protected.


In practice you would be transferred to another Company.

scottnsilky
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Re: Just Group plc

#226072

Postby scottnsilky » June 1st, 2019, 7:26 pm

Thanks, much appreciated.

It's something that might happen which had never occurred to me.

dp

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Re: Just Group plc

#226157

Postby GoSeigen » June 2nd, 2019, 11:44 am

scottnsilky wrote:By chance, I happened to notice the share price of this company today, down another 5 per cent yesterday, altogether down two thirds in 12 months, and being a client of theirs, I'm drawing a small pension at the moment, I sat up and took notice.The top man has just announced his leaving , or was he pushed? That might account for the recent drop, but it's a little worrying to see how badly the shares are doing.

It seems they are writing a lot of lifetime mortgages, too many for the capital at their disposal, or so I read, and according to one article, they are very heavily shorted, which won't help.

I presume if they go bust, pensions will be covered by the Pension Protection Fund, I hope! Anybody else in the same boat?

dp


I am an equity investor. Do note that they recently had a successful equity fund raising which is a positive. They are fancied by Artemis Strategic Assets manager who is an equity specialist and located around the corner from their head office. You might want to sit up and take notice if/when he starts offloading.


GS


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