What to do with an Old Windsor life Pension

frapptree

Please help, I have been very foolish!
I started a pension scheme 15years ago (i am now 33) with National Mutual (now under Windsor life). I have never reviewed or looked at this pension but just kept paying in! I have never missed a payment which went up by 10%pa and are now £162.00.
I have paid in £25,897.00 in total yet the transfer value earlier this year was £19,901.00. I enquired recently and this figure had dropped yet again. I estimate i may have lost a staggering £8000.00!
A transfer fee of £1000 will be applied if i draw out.
I have since cancelled the payments.
What should i do now? Is there any chance this money will ever grow back or should i look at transfering to a more up to date pension considering the transfer fee?
Why has Windsor life managed my cash so badly?
I stupidly assumed my money would go up in value over 15 years!

Any advise would be greatfully received, thanks:mad:

dunstonh

What should i do now?

Get the pension reviewed and a transfer analysis completed to see if modern alternatives are better.

Is there any chance this money will ever grow back or should i look at transfering to a more up to date pension considering the transfer fee?

Depends on the investments and time scales invovled.

Why has Windsor life managed my cash so badly?

We dont know if they have. You havent mentioned anything about the investment funds.

I stupidly assumed my money would go up in value over 15 years!

You would expect so but on a regular contract, you really didnt have much in there in the early years and no doubt recent market conditions have hit your investments (assumption there because we dont know your investments).

EdInvestor

Most pensions sold at that time by companies like Windsor Life had extortionate charges. Many had outrageous exit penalties as well, at least you are not hit too badly in that area.

It's likely the charges that are doing the damage, though the current falls in all the markets will obviously also have an effect.Suggest you move this money into a pension with good quality funds and competitive charges.

You are more likely to be able to benefit from the market recovery when it comes by doing this than staying at WL and having the charges cancer eating away at the remaining money. You should pay no more than 1% unless choosing top level funds which cost extra (but are often worth paying for, to get the performance).