True Potential portfolio

chrissieT

Can I withdraw my money without loosing any to the company? I told the person who set it up I only wanted to set it up for 5 years but he said 10 would be better. I had since found out it has been set up as 10 & not what I  the five I wanted but decided to see how it goes. After 4 years now it has started to make something but the more it makes the more I loose to the company.They have taken more than it's made in the long term.Basically can I move my money out without having to pay a penalty.If so can I just transfer it out or do I have to go back to the person who set it up.

Ayr_Rage

You need to read your contract, nobody here can guess the Terms and Conditions you signed up to.

What do you mean "lose to the company"?

If it is their agreed fees then there isn't anything you can do about it.

dunstonh

I told the person who set it up I only wanted to set it up for 5 years but he said 10 would be better.

TP agents are sales reps of TP.     So, you don't expect the best value for money.  However, pensions are open ended. So, timescale doesn't really matter. 

    I had since found out it has been set up as 10 & not what I  the five I wanted but decided to see how it goes. 

We set up all of ours to age 99,

After 4 years now it has started to make something but the more it makes the more I loose to the company.

That is how percentages work.     

They have taken more than it's made in the long term.

Long term is about 15+ years.  Are you saying you have had a TP pension for more than 15 years?  If so, I doubt your claim is correct.

Basically can I move my money out without having to pay a penalty.If so can I just transfer it out or do I have to go back to the person who set it up.

Look at your contract terms.  

chrissieT

Thankyou for your replies ,mine is just an investment portfolio but will look into it

Albermarle

chrissieT said:

Thankyou for your replies ,mine is just an investment portfolio but will look into it

Be aware that if you move it to another investment platform, you will be responsible for monitoring the investments ( unless you go to a new financial advisor).
It maybe that the current investments could be transferred, but it could also be that the all/some of the transfer would be in cash and you would have to choose how to invest it with the new platform. 

Marcon

dunstonh said:

I told the person who set it up I only wanted to set it up for 5 years but he said 10 would be better.

TP agents are sales reps of TP.     So, you don't expect the best value for money.  However, pensions are open ended. So, timescale doesn't really matter. 

    I had since found out it has been set up as 10 & not what I  the five I wanted but decided to see how it goes. 

We set up all of ours to age 99,

After 4 years now it has started to make something but the more it makes the more I loose to the company.

That is how percentages work.     

They have taken more than it's made in the long term.

Long term is about 15+ years.  Are you saying you have had a TP pension for more than 15 years?  If so, I doubt your claim is correct.

Basically can I move my money out without having to pay a penalty.If so can I just transfer it out or do I have to go back to the person who set it up.

Look at your contract terms.  

This isn't a pension, so it should probably be on the Savings & Investments Board. I've reported it with the request it is moved there.