personal pension transfer

P

pedro

Guest
I had a personal pension which I took out and contributed to for about 2 years. I then moved job and was obliged to contribute to my employers occupational pension. It now is 5 years later and my initial personal pension contributions are being eaten up by charges. Is there any was I can transfer my personal pension to my occupational one ( as my employer will accept it) or cash up my personal pension contributions as it seems silly to leave them just sitting there at the mercy of the institutions charges. Anoyone have any thoughts ?
 
> It now is 5 years later and my initial personal pension contributions are being eaten up by charges.

What sort of charging structure was on the scheme that it has been eaten up by charges in the meantime? Did it involve most of the first year or more contributions being taken in charges? What sort of bid-offer spread, other up front charges and commissions deducted from each contribution, annual management fee, monthly policy fee etc. were involved?

> Is there any was I can transfer my personal pension to my occupational one ( as my employer will accept it) or cash up my personal pension

Unless the rules have changed in recent years then I don't think that you can transfer the personal pension plan to an occupational scheme. Perhaps you can transfer it into a PRSA but I don't think so either. I'm pretty sure that you can't cash it in either I'm afraid.
 
Also ... did you buy the pension plan through a broker or other intermediary? If you did then they should be giving you advice on the matter as you've most likely paid them for it. However bear in mind that only Authorised Advisors are truly independent and not all intermediaries are AAs.
 
thanks for the replies. It's pretty much as I thought but I will dig a little further to see if i can remedy the situation
 
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