Old Comapany Pension.

[tazz214]

I have an old company pension but do not work for the company now, I am looking into moving the pension as the company are charging me for them to look after it. I haven't got a clue about what sort of pension is the best or who to invest with. Can anyone offer some much needed adice please?

[buildersmate]

All pension companies charge a management fee for looking after a pension sum. About 0.7% of the sum is about the lowest, but 1% is more typical. So moving it just because of the management fee isn't a sole criterion on which to base such a decision.

[WendyS]

Write to your old company and ask for full details of the scheme first.. Do not move it simply because you are paying a charge for administration because all funds charge this and it could possibly be a pension scheme which provided automatic increases every year, which you might lose if you moved it. Your old company should have a pension booklet with all the rules which provides the information you need to be aware of before you even think of moving it elsewhere. Then seek some professional advice before taking any action. It is very easy to make the wrong decision through ignorance of all the existing facts, which you might regret later. Your pension might also provide an automatic spouse's pension if you died, which might also be lost by moving it elsewhere.