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Back Charges

Jenny_Jenkinson
Jenny_Jenkinson Posts: 2 Newbie
in Pensions, annuities & retirement planning
I have a PPP with AEON and they recently contacted me stating they hadn't been taking all charges due so they took it in a lump sum.The total I have invested is £10800 and they took £1400 in back charges for the last 6 years. They have been deducting charges yearly which although not shown transparently on my statements I could see as units were being deducted, these amounted to about 1.2% of the fund value so I assumed everything was okay.
Are they allowed to deduct 6 years like this ? If so their charges are very high and not transparent can I do anything?

Comments

  • dunstonh
    dunstonh Posts: 120,309 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Are they allowed to deduct 6 years like this ?

    If the charges are correct, then yes. They are only taking what they were entitled to.
    If so their charges are very high and not transparent can I do anything?

    You can transfer to another provider.

    Can you confirm the provider name and the type of pension?
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Jenny_Jenkinson
    Jenny_Jenkinson Posts: 2 Newbie
    The provider is Aegon/Scottish Equitable and it is a Reflex Personal Pension
This discussion has been closed.
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