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Pension Freeze Charging
angryjames
Posts: 4 Newbie
My company was in the process of closing down. On the advice of my accountant I wrote to the pension company (AXA) asking for information on what I should do next. The pensions was/is a Personal Pension with Employer ONLY contributions. It was an old Equity & Law pension, now handled by AXA.
To my surprise the company disregarding my request and simply shut the pension off (frozen). Furthermore they charged me £554 to cancel the direct debit.
When I contacted them by phone they implied they might consider refunding this amount if my new employer agreed to continue funding the pension.
Does anyone know if I can demand this charge back?
My accountant and IFA were both shocked by the figure.
Of course my main concern is what to do next. Do I freeze it, move it or continue? Do I let the IFA work this out or do it myself?
Regards
James
To my surprise the company disregarding my request and simply shut the pension off (frozen). Furthermore they charged me £554 to cancel the direct debit.
When I contacted them by phone they implied they might consider refunding this amount if my new employer agreed to continue funding the pension.
Does anyone know if I can demand this charge back?
My accountant and IFA were both shocked by the figure.
Of course my main concern is what to do next. Do I freeze it, move it or continue? Do I let the IFA work this out or do it myself?
Regards
James
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