What info do i need from my pension co?

littlejaffa

I am about to call my pension people and would appreciate some help on what to ask.

I want a spread of how my funds/pension has performed over the last few years and how they project it to perform, andpossibly compare this to their/the markets other funds.
I also want to know any fee's for moving it now, and the 'trade in value' of closing it now.

I'm generally looking for all the info i need to make a decision on whether to move the pension or add to it, or start another etc...but don't want to sound a right wally or forget anything.

what are the words i should be using, what should i be asking for?

Many thanks

EdInvestor

littlejaffa wrote:

I am about to call my pension people and would appreciate some help on what to ask.

I want a spread of how my funds/pension has performed over the last few years

You should already know this from the annual bonus statements you receive updating the value

...how they project it to perform

This would be the maturity projections ( in a standard format proscribed by the regulator)

and possibly compare this to their/the markets other funds.

Up to you to do that

I also want to know any fee's for moving it now

That would be exit penalties

and the 'trade in value' of closing it now.

That's the transfer value. (The difference between the "'current value" and the transfer value is the exit penalty.)

I'm generally looking for all the info i need to make a decision on whether to move the pension or add to it, or start another etc.

Also ask what funds are available to invest in and what charges you are paying.

Post the results here if you like for a view.

dunstonh

I want a spread of how my funds/pension has performed over the last few years and how they project it to perform, andpossibly compare this to their/the markets other funds.

Some of that info they can give but some of that falls under the remit of financial advisers and the telephone call centre of the insurance company will not be able to answer.

They will be able to issue industry standard projections but that doesnt necessary reflect the potential of the investment funds you are currently invested in. For example, the mid rate projection of 7% could be used but the funds could be in their 5th year of zero bonus. Equally, your funds could be averaging 15% a year but you still get 7% used.

So, you need to analyse the funds themselves to get an idea of future potential.

When looking to transfer, you need to do a cost analysis and compare current value, transfer value and ongoing charges. You need to consider any guarantees that exist as well as taking into account funds which may exist from your current provider that could do the job.