James Coney  

'Pension' means different things to different people

James Coney

James Coney

This was at a time when few people had been furloughed and banks were only just starting to get to grips with what a lockdown meant for affordability.

It disgusts me that a company should so shamefully use this as an opportunity to sell such an expensive product (even if it does not surprise).

But it was also clear that the company had not properly thought through their spiel.

How were they planning on valuing the houses they were prepared to lend on?

What was the equity they were securing against?

Perhaps just as predictably, the other flawed pitch came from a peer-to-peer lender confidently asserting that this was their moment.

Faith in mainstream lending had never been so low.

This is an industry that lends based on the ability of small businesses to repay debts, talking confidently about its own health when hundreds of thousands of borrowers and businesses are pleading for leniency and missing payments.

Thank goodness no one has believed this opportunistic tripe.

Think it over

We have been full of praise for bosses that have taken pay cuts alongside their staff, and for businesses that have rewarded their least well-off workforce in challenging times. 

Companies have prioritised the vulnerable and key workers, and banks have been lenient to borrowers in hard times.

Without a doubt, many of you are going to see clients who have never been out of work, maybe having to claim benefits for the first time ever.

So, how would you react if they came to you and asked for a lower ongoing fee, so they could best build up a pension now they were out of work and worried about their retirement?

It is just a thought.

James Coney is money editor of The Times and The Sunday Times