Private Pensions
Discussion
Just received a letter in the mail stating..
'In short ******* Pensions has decided that it will no longer provide the type of product in which you have invested. You can now choose what happens to your existing benefits.'
They have suggested Legal and General can provide a similar policy and level of service which they transfer everything for me at no charge or I can instruct them to transfer my benefits to a provider of mu choice, anyone have any experiance of L&G or at this time would I be wise to seek advice from an IFA?
'In short ******* Pensions has decided that it will no longer provide the type of product in which you have invested. You can now choose what happens to your existing benefits.'
They have suggested Legal and General can provide a similar policy and level of service which they transfer everything for me at no charge or I can instruct them to transfer my benefits to a provider of mu choice, anyone have any experiance of L&G or at this time would I be wise to seek advice from an IFA?
Nice of them!!
In short - seek advice, assuming the sum has a degree of value to you. Taking the default option at L&G might be the right thing to do,but it might not. This will depend on your requirements of the pension (is it your only one for eg?), the charging structure, investment choice and let's not talk about customer service.
All in all a good excuse for a review of your retirement planning - when was the last time you reviewed it?
In short - seek advice, assuming the sum has a degree of value to you. Taking the default option at L&G might be the right thing to do,but it might not. This will depend on your requirements of the pension (is it your only one for eg?), the charging structure, investment choice and let's not talk about customer service.
All in all a good excuse for a review of your retirement planning - when was the last time you reviewed it?
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