so I'm answering pension questions from pension locations

so I'm answering pension questions from pension locations where better place to do it and one quick question that comes up a lot is up as why is my fund manager and I say only giving me 4% per item when I keep reading in the press matters up 30% and NASDAQ was up 55% last year and the SMP 25% and Microsoft keeps going up surely these aren't risky companies on my IFA keeps saying two things he says first of all they're risky companies look how volatile they are and the second he says don't worry you've got some in your pension and so let's just put a bit of a truth to some of that they're volatile in the sense that they go up a lot of course what you're really concerned about is downside volatility and to which they might rightly point in 2022 meta fell 80% in a year the reason that an IFA will use that as an excuse not to give you more of what you want which is higher returns is because they can't go into cash they can't say to you one year look this year you shouldn't have stocks how would they know well pretty easy to just say if it drops 10% off the highest will go into cash and that was a pretty good trick which works with most of these tech companies and then in terms of getting back in you can have a simple rule for that as well anyway the problem is it might not be 10% you might keep it at fifteen the problem is the IFA is trying to sell you something is trying to sell your funds and he can't say to you cash is the right thing as I could say to my clients in 2022 cash is now the right thing and it turned out for the whole year I didn't know it was gonna be for the whole year but it was the other reason they'll say well don't worry to placate you you've got some of this when in actual fact you don't really have some of it at all is they'll say look I've got you a North American fund now shut up go away and pay my fees well the problem with their North American funds and I've looked into them is when they go through them and when I go through them what I discover is they've actually got yes all of these stocks and they've got such a small amount in each one just to keep you quiet that it doesn't make a difference you don't get the games and you might say well wait a minute why have they called them then at all well one to shut you up and two because they know they can't ever go into cash should those companies drop why can't they go into cash couple of reasons why what the hell else are they gonna buy if those are doing poorly what else is there cause they make up such a big component of the broader market and why can't they go into cash well because under their mandate they've got to hold at least 95% inequities so you end up with that fundamental problem that you're asking a person with a massive conflict of interest why are we not getting the returns cause they can't deliver them to you because it wouldn't be possible for them to with the tools at their disposal that's the fundamental problem and I'm afraid it's the reason why at 4% a lot of people aren't gonna end up having a pensionable life that they thought they were gonna have um it's just a sad state of affairs of the pensions industry