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?
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?