Can I Reclaim Management Fees - with Interest?

tingalay

I have three pensions that I don't pay into. All are very small, two minute. All three charge me management fees of various levels. One charges me £4.34 a month despite my having not paid into it for about 19 years. I don't feel the fees are justified and I would like to reclaim a good percentage of the monies I have been charged, which would have greatly benefited my meagre funds, plus interest. I think I'm just going to do it anyway, and refer to the Ombudsman if necessary, but had anyone tried this and, if so, with any success? If the OFT feels that credit charge default fees are unfair, surely in these times, they would also expect pension companies to justify their charges?

I should add, having read the responses, that with the oldest one, the fee has increased by about 50% since I took the pension out.

Thanks!

dunstonh

I don't feel the fees are justified and I would like to reclaim a good percentage of the monies I have been charged

Doesnt matter what you think I'm afraid. You cant.

but had anyone tried this and, if so, with any success?

No.

If the OFT feels that credit charge default fees are unfair, surely in these times, they would also expect pension companies to justify their charges?

They dont have to. Unlike banks and credit cards, the charges on the pensions are disclosed and published in advance. The charges exist to cover the retail of the product, ongoing servicing and the investments. They are not penalties.

You will probably find that you are timed out on any court action as you have had them too long. The FOS will either refuse to rule on your complaint as its outside of their remit or not uphold it as no wrong doing is taking place.

If you think the charges are high by modern standards then you can of course transfer to a modern pension.

Aegis

Management charges would have been made clear at the outset, and the company has been managing your money since you started. Whether you paid in or not, those charges are due for the years that your funds have been with the provider. You might try the complaints route, but since you left the money unattended for 19 years the Ombudsman is unlikely to take your side in this one. If you weren't happy with the fees, they'll wonder why you didn't move the money many years ago...

Good luck, but I think you're probably on to a lost cause here.