Social Housing Pension

[Deleted User]

I have a small Social Housing Pension which has been steadily growing, I have decided to cash it in and since making the phone call to put this is place it has dropped in value of over £300 in less than 30 days!  Is there anyone I can turn to to check this out for me, I feel that because I wish to withdraw all as a lump sum I am being penalised.  Is is also acceptable to ask for documentation of where the losses have occurred?   

400ixl

Is a portion of it invested in the stock market? If so, that has dropped over the last month or so and could easily drop a pension value by £300.

[Deleted User]

400ixl said:

Is a portion of it invested in the stock market? If so, that has dropped over the last month or so and could easily drop a pension value by £300.

thank you for your reply - i am not 100% sure - is it acceptable for me to ask them where my funds have been placed to demonstrate the loss?

xylophone

Are you a member of the SHPS DC Scheme?

https://members.tpt.org.uk/scheme-information?scheme=shps#scheme-shps

dunstonh

 it has dropped in value of over £300 in less than 30 days!

Not unsurprising as markets have fallen back over the last 2 months.  We are more or less back to October last year in terms of values (depends on your investments)

Is there anyone I can turn to to check this out for me, I feel that because I wish to withdraw all as a lump sum I am being penalised.

You are not being penalised.    Look at the risk warnings on your pension.    You will see things like the value will go down as well as up.    

Investments go up and down on a daily basis.   Negative periods happen less frequently but we are in one at the moment.  Think of it as a zig zag line.

Is is also acceptable to ask for documentation of where the losses have occurred?   

That is for you find out or your adviser to explain to you.  A provider will not explain it to you personally and will just refer you to the fund factsheets.  

However, you don't need to ask.  It's because we are in a negative period.  As simple as that.

400ixl

How your money is invested is something everyone should understand about their pensions so they will not have any issues telling you that. It is also usually in the annual update they give you.

Depending on the type of pension, some manage this in a Life Strategy style in that you give them a planned retirement date and as you get closer to that date they shift your investments from stocks etc into more stable bonds / cash (though not entirely). Some though do not and you have to instruct them if you want to change how you are invested.

molerat

xylophone said:

Are you a member of the SHPS DC Scheme?

https://members.tpt.org.uk/scheme-information?scheme=shps#scheme-shps

All the information you need is in the link provided above.  You need to know which options you selected and follow the links to see where your money is invested and from there you can check out the performance of those investments.  Each fund offers a quarterly newsletter which you should have been following.

[Deleted User]

Thank you all for your advice.