What to do with old Zurich Personal Pension Plan

Admiral_Allstar

Hi

My wife and I recently came across an old pension of hers.

It has a planned retirement date of 60 years old and details are:

Plan Value
Non-Protected Rights £457.62
Former Protected Rights £72,724.05

Transfer Value
Non-Protected Rights £254.18
Former Protected Rights £72,724.05

It has a death benefit of £73,181.67 (so slightly under plan value and transfer value) and the benefit costs £0.15 per month

The fees are:

Capital Unit Charge
Annual Mgmt 0.75%
Capital Unit 3.5%

Accum. Unit Charge
Annual Mgmt 0.75%

Policy Charge £7.18 per month increasing annually in line with earnings inflation

In addition there are fund charges totalling 1.58% for the non-protected rights (spread over 6 funds) and 0.79% for the protected rights (spread of 3 funds).

The transfer charge is capped at 1% from age 55 (my wife is 50 next week).

I am thinking of moving the pension as the charges seem high but wondered on what the forum's thoughts are?

Many Thanks

ffacoffipawb

Admiral_Allstar wrote: »

Hi

My wife and I recently came across an old pension of hers.

It has a planned retirement date of 60 years old and details are:

Plan Value
Non-Protected Rights £457.62
Former Protected Rights £72,724.05

Transfer Value
Non-Protected Rights £254.18
Former Protected Rights £72,724.05

It has a death benefit of £73,181.67 (so slightly under plan value and transfer value) and the benefit costs £0.15 per month

The fees are:

Capital Unit Charge
Annual Mgmt 0.75%
Capital Unit 3.5%

Accum. Unit Charge
Annual Mgmt 0.75%

Policy Charge £7.18 per month increasing annually in line with earnings inflation

In addition there are fund charges totalling 1.58% for the non-protected rights (spread over 6 funds) and 0.79% for the protected rights (spread of 3 funds).

The transfer charge is capped at 1% from age 55 (my wife is 50 next week).

I am thinking of moving the pension as the charges seem high but wondered on what the forum's thoughts are?

Many Thanks

The non protected rights with the high charges are quite small. The rest doesnt seem too bad.

I presume your wife is 43 years old?

If so, probably no hurry to move it at this stage.

Admiral_Allstar

Thanks for the reply, my wife is 50 next week if that makes a difference?

SonOf

I am thinking of moving the pension as the charges seem high but wondered on what the forum's thoughts are?

Are those the actual charges or the original charges?
If this is an ex Allied Dunbar scheme then a number of those dropped the charges when you ceased paying into them. Some even wiping out the AMC.

What to do with old Zurich Personal Pension Plan

What do you want to do with it?

ffacoffipawb

Admiral_Allstar wrote: »

Thanks for the reply, my wife is 50 next week if that makes a difference?

I assumed your wife was 43 due to the non protected rights difference in fund value and the 3.5% annual charge on the capital units.

It looked like 17 years worth of charges.

Might be worth checking the figures.