Standard Life Synergy Buy Out Bond being discontinued - what to switch to?

I transferred a BOI staff pension to a Synergy buy out bond with Stan Life a number of years ago as I was ex-staff for some time, and concerned about under funding and its future value. in September I received notice from Stan Life that this fund was closing and that if I did not contact them by 30th November Stan Life would transfer the value of the bond to their European Equity fund.

I took this out through a broker, who did not charge me, but did collect from Stan Life for set up and receives an annual commission, as per agreement when I signed up for the bond. I have not contacted him, nor has he contacted me about it's impending closure and transfer options, and I am wondering if anyone out there is familiar with this suggested alternative, 21% of which is invested in France, 18% in Germany, 11.9% in Switzerland, 9% in Denmark, and 7% in Sweden and Ireland. The balance is in small amounts in other countries.

If this is a reasonably performing fund, I am happy to leave it with it, but I am reluctant to go back to the broker, as I don't want it churned and some of the fund cannibalized in a new scheme elsewhere. The value of the fund is currently approx. €50K, my initial transfer into the Synergy bond was €40K in 2013. I was very happy with this performance, even if it did decline slightly this year, but not by much.

Anyone suggest a course of action on this?

You are paying a broker for ongoing advice but won't talk to him???

Now, to answer your question, the Buy Out Bond isn't closing, one of the funds that you chose initially is being closed as there is not enough money in it and it is a cost to Standard Life. They are merely suggesting another fund as an alternative. Everything still stays within the buy out bond structure. Standard Life have about 35 different funds on their platform and you can switch between them pretty freely. There is no churning or additional fees, unless you opt to one of the funds that charge more. The European Equity fund is one of their funds with a standard charge.


Steven
www.bluewaterfp.ie