do I need a new IFA?

ali-t

I have 2 pensions at the moment. 1 with my employer, the LA which I have had for 2 1/2 years and the other with standard life which I have had for approx 6 years. I had a previous LA one before that for a couple of years which I transfered into standard life.

I was previously paying in £150 a month into standard life but have dropped this to £100 after I began working for the local authority but know nothing about pensions and have some misgivings about the pension I have with standard life.

I had some problems transferring my pension over from the LA to standard life (due to my IFA at the time) and only found out it had not happened when the firm contacted me to say he had left and to ask if I was satisfied with the service I had been receiving :rolleyes: I am still not sure if he left voluntarily or was pushed...

Anyway I received a statement through this week and I have a 3balanced investment strategy whatever that means. The pension is currently worth less than I have put in it and despite my niaive dreams of being ok in retirement the statement says I will have a pension each year of £147 :eek:

That was quite frightening and I don't have much faith in the agency I initially went to in order to go back and ask questions so am wondering if I would be better finding another IFA or just keep paying in as this sounds like a standard return on my investment. Just incase it hasn't come through in the post - I am totally clueless about pensions.

EdInvestor

ali-t wrote: »

I had some problems transferring my pension over from the LA to standard life (due to my IFA at the time) and only found out it had not happened when the firm contacted me to say he had left ..

I am not surprised.Transfer of a pension from a safe high paying Government final salary scheme like the LA one to a private pension would normally be regarded as misselling.

What on earth possessed you to transfer the pension out?

ali-t

EdInvestor wrote: »

What on earth possessed you to transfer the pension out?

I had only being paying into it for a year or so and was told that I either had to take the money back (less the LA payments) or transfer it so that is what I did.

At that time I had no intention of going back to work in the LA but have since gone back and worked in 2 different departments.