Unfortunately, in my opinion, the lads and lassies in BOI (and other similar institutions) are more like sellers than advisors. I've had personal experience of them making fantastic claims to me. The last time I attended one such guru was a few years ago. Meeting concluded along the following lines: "so, what your saying to me is x and y" sez I. "Exactly" sez she. "Can you confirm that in writing please and I'll have a think about it."..............the e-mail is still in the post........and I actually sent a reminder (for the craic) and copied in the bank manager at whose insistence, I had attended the bloody meeting in the first place! Unbelievable, well not really!
As an aside, in my opinion, financial advice should ideally be on a fee only basis. [Note: many advisors will claim to be fee based - which is not the same thing - as fee only advice. It is true that fee based advice is better than commission based advice but not as transparent as fee only advice.]
In order to progress your own situation, can you:
1. Set out the charging structure of both plans; and
2. Summarise the rationale given for terminating one contract and establishing a new one in the "reasons why" letter.