P
Pensioner66
Guest
Hi all,
I'm looking for a bit of help as this area is a mine field for me. I retired in 2008 with a small private pension fund held by an Irish institution. I was 62 and the pension fund offered me a deferment option so that I could buy a pension on my official retirement date. The advantage I felt was that the pension would be bought for fewer years hence higher and so a little bit of sarcifice for 3 or 4 years would be worth it.
I received by new pension statement in the post late last week and was upset to find that
(i) the fund had lost 2.64% on the 2008 value.
(ii) the annual pension that the fund could buy me (taking like for like - standard pension with no yearly increase) was reduced by 26%. This has left me very upset as I received no annual statements or correspondance from the pension company telling me this would be the case.
From what I read 18.92% was held in an Exempt Active Fund and the balance of 81.08% was in a capital protection fund so to see this much of my small pension eroded over such a short period is a great shock. As far as I could see I had risk proofed my pension.
My first question is, can anyone know where the 2.64% went? There are no details from the company regarding fees etc.
Secondly, do I have any other options to maximise my annual pension. Do I have to buy a pension off of this company who I felt have treated me very shodily? Can I shop around and ask the company to release the funds to a different company to buy my pension. Is there anyway to cash in a pension as the annual amount the pension firm are proposing is 1/29th of the fund if you take the inflation adjusted option so I need to live to 95 to get my money off them. It seems like very poor treatment after years of paying into this fund.
I would really like any advice on this. I would have thought the company would have at least had to send me an annual statement so I could have seen this coming.
Thanks for your time and I understand that if I wanted to take the matter further I should seek professional advice but I would just like an explanation of how I got here and what my options are.
Rgds,
Pensioner.
I'm looking for a bit of help as this area is a mine field for me. I retired in 2008 with a small private pension fund held by an Irish institution. I was 62 and the pension fund offered me a deferment option so that I could buy a pension on my official retirement date. The advantage I felt was that the pension would be bought for fewer years hence higher and so a little bit of sarcifice for 3 or 4 years would be worth it.
I received by new pension statement in the post late last week and was upset to find that
(i) the fund had lost 2.64% on the 2008 value.
(ii) the annual pension that the fund could buy me (taking like for like - standard pension with no yearly increase) was reduced by 26%. This has left me very upset as I received no annual statements or correspondance from the pension company telling me this would be the case.
From what I read 18.92% was held in an Exempt Active Fund and the balance of 81.08% was in a capital protection fund so to see this much of my small pension eroded over such a short period is a great shock. As far as I could see I had risk proofed my pension.
My first question is, can anyone know where the 2.64% went? There are no details from the company regarding fees etc.
Secondly, do I have any other options to maximise my annual pension. Do I have to buy a pension off of this company who I felt have treated me very shodily? Can I shop around and ask the company to release the funds to a different company to buy my pension. Is there anyway to cash in a pension as the annual amount the pension firm are proposing is 1/29th of the fund if you take the inflation adjusted option so I need to live to 95 to get my money off them. It seems like very poor treatment after years of paying into this fund.
I would really like any advice on this. I would have thought the company would have at least had to send me an annual statement so I could have seen this coming.
Thanks for your time and I understand that if I wanted to take the matter further I should seek professional advice but I would just like an explanation of how I got here and what my options are.
Rgds,
Pensioner.