Manifest Money Talks

I'm really annoyed as I have been paying into this Zurich (formerly Allied Dunbar Pension Plan) for about 20 years. It started off as a private pension and at the time that I purchased it the Allied Dunbar adviser stated that the company was one of the best performing pension providers in the country.



I was informed that I could expect a return of between 8% and 10% which would be considerably greater than saving in a building society. Over the years that reduced to a minimum of 6% and then 5%.



So, I took out the plan and (at least I thought it was the safest option) had 50% capital and 50% managed and have been expecting to get at least growth of 5% above what I have paid in.



At December 2007 the plan was only worth ?18k but by December 2008 (just a month ago) it had reduced to ?14k. I received a letter yesterday stating that the total value of my fund was just ?4,337, a fall of ?10k in just a month and would I like to contact an independent adviser on annuities before June this year when the plan ends. I'm still reeling from the shock because at no time during the conversation some 20 years ago was it made clear to me that I wouldn't at least get my money back.



I have worked out that over ?15k has been paid into this fund since the late 1980s and that had I put the dosh in a building society it would have earned far more - I still cannot believe that it's making such a loss.



What can I do? Is it worth extending the plan until I am 65 (that's if they will allow me to) to wait for the market to pick up or should I just cave in and accept this ridiculously badly performed pittance?



At least for those younger they have time for the market to turn around.

I feel at the moment as if I have been robbed!