You will have to pay upfront charges on any other pension you may take out.
You tend to get extremes in the level of engagement people have in managing their pension. Some will trust the broker and let them at it, whilst others trust no one and try manage it all themselves.This kind of thing makes my blood boil. When will these Scammers let up.
I've been managing my own pension for years for exactly this reason.
I would never tolerate this type of (over)charging structure.
Of course there would be a cooling off period, maybe 30 days. The problem, as with this case, is that you might not review your documents until 12 months later.Was he really not allowed a cooling off period and can they get away with burying the commissions deep in the small print. At least it will serve as a warning to others.
Sound advice.You have already paid the initial charges so taking out a new policy and making this one paid up might not be in your best interest as you have already paid the up front charges. You will have to pay upfront charges on any other pension you may take out.
Firstly I would get an estimated value from Zurich assuming no more premiums are paid and also assuming level premiums continue. (Any increase in premium will incur 50% charges also)
Then shop around and get an estimated value if you were to take out a new level pension now. You will be able to see if its worth your while continuing with this plan or starting a new one.
The important things to consider when comparing pensions is allocation rate, fund management charge and any plan charge.
I'm talking to a broker at the moment about starting an executive pension, and he's offering a tailored basket of Irish Life funds for 100% allocation and 1.45%pa - does this sound reasonable?
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