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  1. #1

    Pension advice please

    Hi, I have an old Legal & General pension which is estimated at 24,000 max at 65. I have not put money into it for over 20 yrs and I'm now 48 as have no income. I keep getting charges of 40 each statement which on a small pot and never going to add to it is a lot. How can I stop these charges? Or am I able to move it to another company, if any that are cheaper costs???, but then there may be costs involved in moving it?
    As mentioned I have no money but want to protect what I have for the future and keep my costs down low. Guidance on low cost charge pension if there are any?. New to the Forum so would appreciate any advice please, thank you.

  2. #2
    How much is in the pot? If by 'each statement' you mean 'annual statement' so the cost is 40 a year, you can easily work out what percentage they are charging and see how it compares with other providers.

  3. #3
    I don't think you will be able to stop the charges. I expect it is a regulatory requirement that statements have to be sent annually, and if so, L&G will be allowed to charge a reasonable amount to do so.

    Although most modern plans are low cost, there will still be some cost, and I doubt you will better the cost of 40 pa from L&G. Even if you do, the cost still might be 20-30 pa. If might cost you 500-1000 for the advice on where to move it to if you use a professional advisor; can you afford to spend that much to save 10-20 pa?

  4. #4
    It is a regulatory requirement to send annual statements and the cost is these is already covered in the Annual Management Charge.


 

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