Old Group Company Pension Locked in & Depreciating Year on Year - HELP!

recyclebee

I have a group pension from my former employer, which year on year is in real terms depreciating in value.


Since leaving the company 6 years ago I have only received 0.25% 'Bonus rate each year on the pension pot'. No body seems to be managing the fund. There was always talk of the scheme being wound up and I believe that the company now operates a different pension scheme for their current employees.


The transfer value is less than half the pension fund value. I have at least 22 years until retirement. If I were to transfer the funds (loosing 55% of the pot) calculated on a compound interest basis I would have to get 4.2% interest each year for the next 22 years to match the value of the current fund at 0.25% interest rate.


Does anyone have any advice either as to whether I should transfer the pension, or how I can make someone accountable for making sure my pension pot is correctly managed and invested?


Also the pension provider won't talk to me direct and says I must go through my old employers financial advisor, which is a torturous process, and each year I have to chase and request an annual pension statement. I only managed to get hold of last Aprils Statement this week (10months late). Can anyone help or do I have to accept this money is effectively lost?

jamesd

What is the money inside the pension pot invested in? It appears that it may be a with profits fund of some sort?

Linton

You should check whether there are any guarantees with the pension. These may compensate you for the absence of ongoing return.

xylophone

Who is providing the GPP and what is it called?