Are these Pension Charges Normal

[gimp]

Hi All
Have attached details of my pension charges below on an Executive Pension Plan and was wondering if these are "Normal" if that is the correct word.
Exactly what is the difference between Initial units and Accumulator units
Any advice appreciated..............Fund has been in place since 1994

Bid / Offer Spread 5%
Management Charge 4.75% PA - Initial units
0.75% PA – Accumulator units
Policy Fee £3 per month
Pension Board Fee £5
Note: Initial units transfer at Maturity rate

Bonuses:
Premium allocation 9Over £3,000) 100.5%
5% of fund after 10 years in force – to both initial and accumulator units
0.5% PA from year 11 onwards - fund based
3.5% Maturity Bonus - Fund Based

 

[bigbustour]

Those charges are extortinate,you could move tomorrow into something that charged 1% pa annum annual management fee and had 100% allocation and not something that took 5% of your contributions in a bid/offer spread which is just another name for life companies robbing your money so they can go lose it in a managed fund. Personally think it should be illegal to charge someone that much

 

[Baracuda]

Those charges are extortinate,you could move tomorrow into something that charged 1% pa annum annual management fee and had 100% allocation and not something that took 5% of your contributions in a bid/offer spread which is just another name for life companies robbing your money so they can go lose it in a managed fund. Personally think it should be illegal to charge someone that much

Yes I would agree at first glance that these charges are outragous when compared to what is on offer in todays market. The bonus's are the key though. I would recommend that the OP gets a projection of benefits for his/her PPP and then get the same for a proposed PRSA and compare like with like before making a decision.