Genuine request for financial advice. Off of the wroth.

About ten years ago I was a contract IT worker and put some money into a pension plan. This fund is now worth an amount of money, say ?x

However, Abbey Life with whom the fund is, will only allow me ?y to transfer this money to a different provider.

The transfer seems like a good idea because Abbey are charging me 3%+/year in fees and whatnot. Almost anywhere else will charge me under 1%. Doesn't sound like a lot but whip out your favourite spreadsheet software to work out why I might care about this kind of difference (it makes a hell of a difference to my pension, basically, when I take it in a few years).

However, y is only just over half of x. We are talking several thousands of pounds, though not a king's ransom.

Do I just have to lump it or do I have an argument that their charges are unreasonable?

Posted By: Old Man on May 19th 2012 at 14:43:47

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