As part of my plan I am now trying to understand the details of my existing pension. The fund value is approx £150K. In particular I thought it would be wise to ask my provider how much my charges are.
I have sent several emails to them over the last six months. I am genuinely none the wiser as to what I am paying for their services. Over the last week I've become extremely frustrated with them. I have asked them to use plain English in their responses to me. My mistake
![Uber Geek :ugeek:](./images/smilies/icon_e_ugeek.gif)
The first two replies I had were
International Equity Pension Fund - 1.025%
Managed Pension Fund - 1.026%
There is a fund discount of 0.375% under this policy.
I've asked them to give me this in £'s & p. And this response is below.
******** **** deduct charges from the pension funds we offer on a daily basis at the overall fund level and not at policy specific level. The charge which is taken covers a number of different aspects including Investment costs and administration of the plan. These costs are deducted as a percentage of the overall holding and as such the monetary amount that is deducted will change as a result of the individual funds’ performance. The plan also benefits from a reduction in fees by way of additional units being added to the fund on a monthly basis.
I'd be genuinely grateful if someone could translate that into £'s please. I've considered asking them to tell me how much I paid for the year 2019 in charges. I'd assume they are obliged to let me know?
If I am paying too much for the fund to be with this company my thought process is to move to another provider.
Thanks in advance
AiYn'U