Abbey Life Personal Pension (Very small) - Better Alternative

darren72

A family member has recently come across an old personal pension they have with Abbey Life.

It is a personal pension that includes a retirement fund and a former protected rights fund.

The value is very low (Unit value approx £390, Transfer value approx £160). With former protected rights unit value and transfer value both of £8.24.

It shows contributions paid into the plan:

Total retirement contributions paid since the plan start date £590
Total former protected rights contributions since start £340

No contributions have been made since 1999.

The money appears to be invested into a fund called 'Abbey Pensions Managed Series 3' Accumulator.

Fees deducted during the last year are around £27, with gains of £36.

Looking at the paperwork I don't feel that this is anything special or worth keeping.

Given the low value of the pension can anyone suggest a suitable alternative?

Thanks in advance

darren72

I've just been speaking to my relative about this today and mentioned that there may be alternatives that could be better.

Does anyone have any suggestions on this and whether there is anything better?

dunstonh

darren72 wrote: »

I've just been speaking to my relative about this today and mentioned that there may be alternatives that could be better.

Does anyone have any suggestions on this and whether there is anything better?

There is better and there is worse.

darren72

Thanks dunstonh.

Any opinions on any better ones she could move it to, or those to avoid ?

darren72

Just been reminded about this from the family member.

Does anyone have any suggestions of an alternative, and whether there is any way around any exit fees that Abbey Life may try to charge ?

sandsy

It's likely with Abbey that exit fees could be quite high until you reach 55yo at which point they are legally restricted to 1%.