Capital accumulation plans: a scam for savers

Capital accumulation plans: a scam for savers
Capital accumulation plans: a scam for savers

It has been more than half a century that Italian savers have been recommended i Capital accumulation plans (Pac). One of the first to trim such traps, unfortunately completely legitimate, was Fideuram, a door-to-door network dating back to 1968. He also gave one to my father, with costs on80% of the sums paid for the initial installments. But not only door-to-door salespeople and bankers push them, economic journalists also constantly advise them.

In itself, it is not wrong to regularly set aside savings, the provident behavior of the proverbial good father or mother of the family. However, the term Pac is meant a contract with which one undertakes to periodically pay a certain amount, for example 200 euros per month for years if not decades, in a specific mutual fund or other container: pension fund, ETF (Exchange traded fund) or policy. However of a very specific company.

There are many flaws, apart from the commissions on the first installments, in the past deadly, then reduced. There is the transformism to the Fregoli of containers where the payments end: one chooses an equity fund for 20 years and this first becomes balanced and then maybe something else, just as managers and / or parent companies are replaced. In short, they change the cards on the table with impunity. Furthermore, the goal of mediate cargo prices, branded as an advantage of the CAP.

But another is the congenital vice for which they are to be rejected without appeal. For decisions, a basic principle is to make them as late as possible: the further you go, the more information you have. An excursion to the mountains for the next 22 September is not decided now, but close to the date based on the weather.

Similarly, it is absurd to choose a particular mutual fund or pension fund to be valid for years and years. We do not know how we will be after the winter, let alone in 2028 or 2035. See the case of those who signed a CAP in a monetary fund years ago, tuned to returns from the 3%; his savings continue to flow into it with now negative expected returns. Also, why bind to a specific company? It is an idiocy for the saver, a bonanza for it and its sellers. The sellers are then specialized in proposing fake comparisons, which excise the convenience of this investment formula, carefully reported in the press.

While they are not legally binding on payouts, CAPs psychologically trap customers. The only sense they have is scrape it off commissions for a very long time. They are so convenient to those who sell them that there is a company (Fidelity) that even raffles smartphones from 630 euros among those who subscribe to them.

Operational conclusion: better immediately give instructions to your bank suspend the subscribed Pacs. Then we’ll see.

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