Investors become increasingly disappointed over their with-profits fund as they approach retirement, according to research.
A survey by Managing Partners Limited (MPL) shows 23% of with-profits investors aged 55 years and over plan to stop investing in them.
In that age group, 75% are unhappy with their performance. This includes 41% who are not very happy and 34% who are not at all happy.
Another three quarters of with-profits investors in the 45 to 54 year old age group were unhappy with the performance of with-profits products, though just 6% planned to stop investing in them.
In the 35-44 year old age group, 61% were unhappy with their with-profits policies and 9% intended to stop investing in them.
Jeremy Leach, managing director of MPL, says the concept of steady, predictable returns is not one that is lost on investors though, it is just that with-profits has failed to deliver.
He adds: "The more senior investors are likely to have suffered many more years of poor performance than their younger counterparts so it is understandable that they feel much more disappointment in them.
"They should be careful however, as cashing in their policies a few years short of maturity means they will be hit by punitive early redemption charges - just one of the reasons with profits have built up a bad name for themselves."
Developed by industry-wide group
Joined in 2002
'Educate clients' children'
Raised £15m earlier this week
From 8pm Friday 19 October