Need help regarding a dormant private pension.

Fillyourboots

I'm posting this in the hope that someone will be able to offer some guidance. This post is about a stupid mistake I made many years ago with a private pension.

My first job was as a part-time floor attendant at a Bingo hall. In 1999 a representative from Allied Dunbar Assurance made a presentation to the staff regarding the benefits of a private pension plan.

Signing up for a pension seemed very sensible so I signed up. At the time I was earning minimum wage in a part-time job and felt, in the short term, I could afford £10 per week in contributions given that I was actively looking for full-time employment elsewhere.

Unfortunately the payments were higher than that (my contribution schedule, received a few months later, showed £66.90 pm)

I felt misled and cancelled the direct debit.

Not long after, I made arrangements to visit ADA offices in Newcastle to discuss my dormant plan but the suit who spoke to me only saw me as an opportunity to sell yet more policies.

My memory of the conversation is vague because I 'switched off' from his persistent sales drivel, but two things stand out; Firstly I was told that (the cost of) withdrawing from the pension now would be "astronomical, no doubt". When he left the office to let me consider a "new and exciting policy" I remember looking around the room and noticing the pictures of wildlife around the room with inspiring sales-babble - 'mark your prey' - that sort of thing.

I walked out.

I was also young, and put the 'lost' money down to bitter experience.

as this was something that happened a long time ago, you can appreciate I've also been putting off writing this message for some time now but here I am. If you're reading this, I like to know what I can do and how do I get started?

And thank you for taking the time to read.

dunstonh

Unfortunately the payments were higher than that (my contribution schedule, received a few months later, showed £66.90 pm)

Income tax rate in 1999 was 23%. So, £66.90 would have been a direct debit of £51.51. Possibly an annual increase was factored in (common sense to do so). So, that would equate for about a £1pm a year increase. So, it does appear to be within the £10 per week that you were looking at.

Firstly I was told that (the cost of) withdrawing from the pension now would be "astronomical, no doubt".

1999 would have seen a front loading of charges in the earlier years. So, stopping it within say the first 5 years would have been expensive.

When he left the office to let me consider a "new and exciting policy" I remember looking around the room and noticing the pictures of wildlife around the room with inspiring sales-babble - 'mark your prey' - that sort of thing.

It was Allied Dunbar. Just about the most agrresive sales force going. They were nick-named Allied Crowbar.

If you're reading this, I like to know what I can do and how do I get started?

What is it that you want to ask? You gave the background but you didnt ask the questions.

Fillyourboots

Thanks for the reply, I'n not sure where to start with questions but here goes.

Who holds the account now?

If the possibility exists to do so, can I do anything with the money invested so far? Withdrawal? Move it into a different policy like an ISA? Leave well alone and forget it ever happened?

Ideally, I'd like to be able to put the sorry episode behind me properly close the account. If the possibility existed to reclaim the money - presumably minus fees - then great, but my inclination would be to donate it to charity.

Incidentally, I have a pension plan but that's provided by my employer for the last 12 years, the NHS.

dunstonh

Who holds the account now?

AD were bought by Zurich and rebranded under the Zurich.

If the possibility exists to do so, can I do anything with the money invested so far? Withdrawal? Move it into a different policy like an ISA? Leave well alone and forget it ever happened?

A pension is a pension. You cant take it out of a pension to put it into something else. You can transfer pensions but thats about it. Whether its better to or not really depends. My experience of AD pensions is that they are damned expensive whilst you were paying into them as the bulk of their charges were on the contribution. However, their annual charges were near zero (yes, they have funds that have a nil AMC). So, stopping the premiums and making the pension paid up is often the best course of action in those cases. You have already done that.