How to track down lost pensions worth £1,000s
With retirement on the horizon, she decided last year that it would be a good idea to combine her various pension pots from differentMoving all her pension pots to her current provider, Aviva would also reduce the charges she paid as she would pay one low fee rather than
In January, SJP contacted Sarah to say: "The Early Withdrawal charge six-year period is applied to each regular contribution separately, meaning that once each payment has been invested for more than six years, that contribution and any growth it gains will become free of early withdrawal charges."Yet, Sarah hasn't contributed to her plan with the firm in over 24 years and still seems to be facing the penalty.
"One of the financial advisers I spoke to there said he couldn't understand why it did as there shouldn't be after six years, so referred the matter to a 'specialist team'.On April 25, the firm wrote to Sarah again apologising for the time it had taken to respond to her complaint and thanking her for her patience.
Her particular pension product estimated how much Sarah would contribute over time, and by leaving the scheme early, she had a "charge overhang" of 4.33% - in her case, equivalent to £150. You then contribute a percentage of your salary towards your pension each month - the minimum is 5% - while your employer contributes a minimum of 3% unless you opt out.This does exactly what it says on the tin - it’s how you pay your provider for running your pension scheme andThe majority of firms charge between 0.25% and 1% for the same service, according to provider PensionBee - although 1% is a comparatively high charge.
You can also choose which pension provider you want to transfer the different savings to, so you can pick the best one for you.You might want to move all your money to whichever of your existing pots has the best fees, or you could move it all to your current employer pension . Stay alert for pension transfer scams as fraudsters often target people transferring their pension with promises of investments that are too good to be true.Make sure you have done all of the calculations and taken into account any applicable fees to get a clear picture of what you are paying now compared to what you will be if you switch to a new scheme.
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