In early 2000 at the height of the Equitable Life saga I moved about 20k of equitable life personal pension savings into New Ireland. I won't mention who advised me to do this, but at the time I was very grateful to have escaped from Equitable Life given what has happened to many who stayed in, including my own father. The problem is that I appear to have moved it to the wrong place - out of the frying pan into the fire.
The New Ireland fund promptly dropped to 2/3 of its value within a year. Even now after six years the value of the fund has not quite reached what I paid in during 2000. This is very annoying to say the least since it's my oldest and largest pension amount and is seriously underperforming.
Is there anything you can do with an underperforming fund or are the charges so high to move the pension that it's pointless? How do you find out? My pension is in something called the Pension Equity Fund (6)SP. I have seen several comments on this board that New Ireland used to be OK but due to it being managed by a group (is it Bank of Ireland Asset Managment or something?) where all the good people have now left, this is why it's pretty poor now.
Grateful for any advice as I find it very annoying and depressing to have worked so hard for that money and for it to have turned out to have been such a bad investment.
All the best
Imogen
The New Ireland fund promptly dropped to 2/3 of its value within a year. Even now after six years the value of the fund has not quite reached what I paid in during 2000. This is very annoying to say the least since it's my oldest and largest pension amount and is seriously underperforming.
Is there anything you can do with an underperforming fund or are the charges so high to move the pension that it's pointless? How do you find out? My pension is in something called the Pension Equity Fund (6)SP. I have seen several comments on this board that New Ireland used to be OK but due to it being managed by a group (is it Bank of Ireland Asset Managment or something?) where all the good people have now left, this is why it's pretty poor now.
Grateful for any advice as I find it very annoying and depressing to have worked so hard for that money and for it to have turned out to have been such a bad investment.
All the best
Imogen