Pensions have changed dramatically over the years with successive changes in legislation. Furthermore, consumer and regulatory pressure has reduced the charges applied to more modern plans.
Unfortunately, pension plans taken out prior to these changes often still have high charging structures. This can eat a large hole in your money, and ultimately your retirement income.
Charges aren’t the only thing to consider and just because a plan is cheap, does not mean that it is good. The performance of your funds is the single biggest contributor to the success or failure of your investment strategy.
The problem however, is that the average person has no way of finding out whether their fund has done well or not, as is it difficult to find a benchmark for comparison.
Transferring to a new plan can solve problems with poor performance and high charges.
If you have an old or frozen pension plan then you should have it reviewed by the qualified experts.
You may be able to: