Hi. I am a business owner, PAYE, and have a decent amount in pensions with 2 large Life companies. About the same amount in each. My pension guy retired recently. A couple of years back my pension guy moved pension from another Life company when I had passed the exit penalty term and he felt there were equally good options or better elsewhere. He did good deals for me - he got good allocation rates (103% I think), and didn't take a trail income, so management fee is about .9% now. In each of the Life companies I am in two different funds, but both are very Equity based. There is an early exit penalty in one company of 18k (has performed well), and in the other it is 10k (has not performed well, but not lost). In the short term I would like to move to lower risk options, I believe a lot of what people are saying about markets being overpriced. Can Life companies take instruction directly from me - could I ring up and ask them to move from existing fund to another specified fund? If not, do I need to get a new pension adviser? I need to find out when the early exit penalties "expire" so that I know when I can look at moving elsewhere without a penalty. I had a broker onto me last year who was offering to do a great deal for me, but all it actually meant was moving with an allocation rate that covered the 10k early exit (103% or thereabouts), but he was going to take a .25% trail on it. That seems like money for nothing to me - he would not be providing investment advice, or managing the money or anything, yet my pension now cost an additional .25% in admin fees. Is this the norm in the industry? With my last broker, I paid him a fee any time he moved funds, apart from that he didn't take commission. I don't like the idea of locking a broker into earning fees of 1.5k p/a (and growing over time) for doing very little. I'd prefer to pay someone for their time, advice & expertise, and leave it at that.