MORE INFORMATION PENSION TRANSFERS

PENSION COMPANIES NAMED AND SHAMED

If you have a pension pot with any of the following (and this is not an exhaustive list) then you may be suffering from an investment in an old style contract that may incorporate expensive charging. Alternatively, the fund may suffer underperformance. The company may equally be closed to new business or have question marks over its future. Some may have all these factors present. They are likely to be factors that will act to bear down in a negative way for the future. A good number have been taken over by companies like Resolution Life. They include:

Abbey Life
Alba Life
Albany Life
Allied Dunbar
Century Life
Confederation Life
Equitable Life
Lincoln
London Life
NPI
Pearl
Royal Sun Alliance
Scottish Mutual
Scottish Provident

What should you do if you have a sizeable pension fund with any high charging, poor performing company? Well, it will pay to review it with our help, as we are skilled in the pensions arena.

The rising stock market of the 80’s and 90’s generally delivered positive returns from most pension fund managers. Charges did not seem so important then. But the early years of the new millennium saw the value of many pension pots decimated if held in some equity-based funds. Charges have become more exposed and if high, no longer remotely justifiable especially if against a background of dismal investment management.

The worst case scenario is one where:

The fund is closed to new entrants.
It was one you obtained through the directly employed adviser of that company and they no longer have such advisers – you are an “orphan policyholder”.
The performance has been poor and your pension fund has shrunk alarmingly in value.
Finally, the charges are old style and now disproportionately punitive on you the pension policyholder.

Outcomes from such a review of your own policies may well ultimately be peace of mind that what you have is good value. Equally, you may be advised to leave your current fund with your existing pension provider, but direct ongoing contributions elsewhere. Finally, you may find that you are best served by moving all your pension monies to new hands.