Trusteeship charges on AVC

U

upaho

Guest
I am an Impact trade union member and have an AVC to top up my pension hopefully in the near future.

I've received a letter from the fund managers, Marsh, saying that Merlow Trust Ltd have replaced Sedgwick Dineen Trustees Ltd as Trustees. The change was recomended by my union and agreed by the employer.

The final para informs me that a "small charge" of 50 cent per month will be deducted from my contribution before investment to cover the cost blah blah blah.

My question is 1, can they impose the charge and 2, deduct it from my contribution without my expressed consent.

The obvious, that I didn't get the benefits of the trusteeship for nothing previously has not escaped me. I would be particularly delighted to hear from other Impact members in relation to the AVC.

Any comments will be appreciated.
 
I am an Impact trade union member and have an AVC to top up my pension hopefully in the near future.

I've received a letter from the fund managers, Marsh, saying that Merlow Trust Ltd have replaced Sedgwick Dineen Trustees Ltd as Trustees. The change was recomended by my union and agreed by the employer.

The final para informs me that a "small charge" of 50 cent per month will be deducted from my contribution before investment to cover the cost blah blah blah.

My question is 1, can they impose the charge and 2, deduct it from my contribution without my expressed consent.

The obvious, that I didn't get the benefits of the trusteeship for nothing previously has not escaped me. I would be particularly delighted to hear from other Impact members in relation to the AVC.

Any comments will be appreciated.

50c per month?

id be more concerned with the other charges on the impact scheme like the 5% bid offer etc
btw marsh are not the fund managers irish life are.
 
I agree. What is the overall charging structure on your pension apart from this new €0.50 charge? How exactly is this €0.50 charge described?
 
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