The money was kept in the platform’s default cash account and the client’s return from six years of having their pot invested in cash was just 0.29 per cent, working out at an annual rate of about 0.05 per cent a year.
By contrast, the average fund in the Investment Association Global sector has returned 74 per cent over the past six years, according to FE Analytics.
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The client first came to the adviser for a general check-up of his financial affairs when he discovered the pension pot kept entirely in cash.
rachel.mortimer@ft.com
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