Pension transfer confusion

Tigerjoe7

I have had my pension reviewed by Evason Filders, they called me after my PPI team referred them to me
My pension fund is not performing well and they suggest transfering it to " old mutual wealth investment solutions plat form", which should improve how my money performs
There is a transfer fee of 4.5% and the reviewer is asking for1% per annum for regular reviews
I only pay in around £150 per year to my pension . The 1% annual review fee would presently cost £478
This sounds steep to me or am i missing something ?
I am not very clever when it comes ro finance or legal terms
But feel moving my pension would be of benefit
Can anyone enlighten me as to what i should, should not do ? Thanx

Mistermeaner

Run for the hills - sounds like a scam of at best a rip off

With all due respect you sound like you need some genuinely impartial advice : perhaps start here by setting out briefly your circumstances e.g. Age , sex , health , employment status , earnings , state pension provision , married ? , kids ? , elderly parents , housing status , debts eff

Perhaps take a few hours to read the first 10 pages of this forum to see examples of questions and advice others hAve had ... There's likely others in similar position to you

Tigerjoe7

Thank you, and yes, what you said makes sense
I have a fear of talking finance, as i have no idea what is Right
I guess ineed to try and understand it
I will take your advice
CHEERS

barnstar2077

Tigerjoe7 wrote: »

Thank you, and yes, what you said makes sense
I have a fear of talking finance, as i have no idea what is Right
I guess ineed to try and understand it
I will take your advice
CHEERS

Anything that starts with them ringing you out of the blue often ends in tears i'm afraid!

The above advice is very good though, these forums are a wealth of knowledge and the people on here are great if you want some help to learn.

AnotherJoe

You have a PPI team? What on Earth ?

Reluctantpensioner

Was that Filders or Fiddlers?

jamesd

There's a legitimate firm called Evason Fildes but if you were contacted by one named Evason Filders that might be an attempt at impersonation fraud. Or just a typo by you.

AnotherJoe

Mistermeaner wrote: »

Run for the hills - sounds like a scam of at best a rip off

With all due respect you sound like you need some genuinely impartial advice : perhaps start here by setting out briefly your circumstances e.g. Age , sex , health , employment status , earnings , state pension provision , married ? , kids ? , elderly parents , housing status , debts .......

...... size of current pension in question, which company it's with , what fund(s) its invested in, why you believe it's poorly performing , why you only put £150 a year in.

LHW99

How old are you Tigerjoe?
If over 50 you could talk things through with pensionwise for free

https://www.pensionwise.gov.uk/en

tony4147

This happened to me about 12 years ago, the IFA I had been with for about 15 years retired and sold his buisness. The Company that took over were next to useless in that they didn't bother contacting me over a period of 2 years except to send me a news letter every 3 months.
Then when I started posing questions to them I found them to be lacking so I changed IFA, all very easy.

MEM62

Tigerjoe7 wrote: »

I have had my pension reviewed by Evason Filders, they called me after my PPI team referred them to me

Legitimate pension advisors do not make unsolicited calls.

Tigerjoe7 wrote: »

My pension fund is not performing well

Compared to what? How has this been benchmarked?

Tigerjoe7 wrote: »

I only pay in around £150 per year to my pension

The most likely reason that your pension is 'not performing well'.

Tigerjoe7 wrote: »

am i missing something?

Yes.

Tigerjoe7 wrote: »

Can anyone enlighten me as to what i should, should not do ? Thanx

You should be very sceptical of the advice you have been given. You should get your pension arrangements reviewed by an independent advisor that you have approached. You should be paying in more than £150 a year.