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Hi all,
I have a large amount of my pension invested in Irish Life's property fund.
In early March I requested a switch out of this fund as it has begun to fall significantly. Since Feb/March 08 to present it has lost roughly 10% of it's value. Previously there were no restrictions with regard to minimum notice required to switch into or out of this fund - It was possible to make a fund switch from the date they received written instruction to do so.
So, imagine my dissapointment when I was told that the criteria had changed and I would now have to give 6 months notice of any fund switch out of the property fund. So, by the time I become eligible to switch out of the fund (September 08) it will probably have lost about 25% of it's value. I was told that the new criteria came into effect on 15th Feb, approximately 2 weeks after I requested my switch.
No communication was given to me or other customers regarding this change in criteria - I only found out because I tried to get my money out of the fund.
My question is this - are pension providers not obiliged to communicate in writing any changes which effect their customers investments ? If there is a new lock in period of 6 months then should customers not be notified 6 months in advance ? After all I am paying them a fee to manage my pension fund and one would think they would like to see my investment rise not fall ?
I have a large amount of my pension invested in Irish Life's property fund.
In early March I requested a switch out of this fund as it has begun to fall significantly. Since Feb/March 08 to present it has lost roughly 10% of it's value. Previously there were no restrictions with regard to minimum notice required to switch into or out of this fund - It was possible to make a fund switch from the date they received written instruction to do so.
So, imagine my dissapointment when I was told that the criteria had changed and I would now have to give 6 months notice of any fund switch out of the property fund. So, by the time I become eligible to switch out of the fund (September 08) it will probably have lost about 25% of it's value. I was told that the new criteria came into effect on 15th Feb, approximately 2 weeks after I requested my switch.
No communication was given to me or other customers regarding this change in criteria - I only found out because I tried to get my money out of the fund.
My question is this - are pension providers not obiliged to communicate in writing any changes which effect their customers investments ? If there is a new lock in period of 6 months then should customers not be notified 6 months in advance ? After all I am paying them a fee to manage my pension fund and one would think they would like to see my investment rise not fall ?