Pensions- consolidate or not

DRS1

dunstonh said:

DRS1 said:

I think the OP did well to discover what SW's charges are.  I had an SW pension for near 40 years and to this day I have no idea what the charges were.  They weren't in the annual statements I got and nor are they in the fund fact sheets.

Since Lloyds have been using the booklet style statements (A5 size), they have been putting a charges disclosure in there.   I have seen several from SW & Halifax using the same layout.     It doesn't give percentage but a monetary amount that was paid.

However, you say it's circa 40 years ago.  So that could make it an S226 RAC (pre April 1988) rather than a personal pension, and many of the S226S had their charge taken within the with-profits fund before the bonus was set and not at contract level.  So, it's much harder, often impossible, to get an actual charges figure.   It would be akin to asking for an explicit charge disclosure on a savings account.   

Yes it was an RAC and yes there was a with profits element.

I did get a note saying they were changing the annual statements but I had bought the annuity before they got round to issuing the new format to me.