Can I cash in a private pension?

dunstonh

It's highway robbery, but there's absolutely nothing you can do about it except leave and put the pension somewhere where it can actually grow rather than get eaten away by these appalling charges.

That is not the only option. I refer you to FSA paper OP18 which gives you all the correct options.

You also have to be careful because some of the old plans have lower annual management charges than modern plans. They used to take their chunk on the contributions. If you are not paying into them, they may be cheaper left where they are. If there is a decent fund range, then there is little point moving them but just effecting a fund switch.

EdInvestor

I would suggest Melodyman obtains a projection of this plan's likely value at maturity.This will no doubt help him to decide whether he should cut his losses with this plan - which in any case he is likely to be cashing in at 60.

It would be interesting to see that - I heard of one very similar plan at Allied Crowbar where the projected maturity value in c.15 years was about a fiver more than the current value.:eek:

They used to take their chunk on the contributions.

Obviously Melodyman will not be making any further contributions to this awful plan.

dunstonh

I've seen Pearl projections 20k lower.