Is it just me or do you guys come across as guys who want their cake and eat it?
As someone who has also had the red letter like BigJohn i accept that my endowment isnt going to pay out the £37,500 i expected it to. But then endowments are a risk. They can perform at the 8% they were being sold at 15yrs ago or they can perform at the more realistic examples they use of 4% nowadays. It has never been a secret.
I also have a huuuge pile of letters from aviva from the last 5yrs warning me about my endowment and to make other arrangements. If i havent done anything about it then i have only myself to blame.
Where does the confusion come in? To the OP i can see you point a little bit in that you would imagine that when things are bad they should be making money but you are probably only making money on your current payments. All those years of payments before are probably decreasing by a similar proportion (if that makes sense).
Personally i am sitting with about 10 yrs on my endowment left and thinking that this isnt a bad thing. With the price promise i am targetted to get about 60% of the target figure without bonuses and price promise of £5500. If things pick up slightly i should end up pretty close to the original figure considering my current investment value is at about 65% (Including the price promise).
If you have an endowment it is a risk. If that riak doesnt pay off then live with it or complain that you have been miss-sold