Equitable Life

W

wiredup

Guest
One of my pensions is with Equitable life, one that I've had for a number of years (years – about 25k in fund). When they went thruogh thier "issues" I still paid a sum of money into the fund. I now am wondering was this the right thing to do? And secondly how easy is it to transfer my fund in Equitable life to say Eagle Star - are there penalties?? Many help/advice appreciated
 
What sort of pension? It it's With Profits then you should probably not have continued contributing and should maybe even consider taking the MVA hit (10% on Irish policies last time I checked*) and moving to another provider (if you do consider this then get professional advice). If it's Unit Linked (managed by Halifax I think?) then your pension fund should not have been hit unduly if at all by the EL woes over recent years although you may still want to consider moving to another provider.

* This is the subject of a complaint that I made to the FSO about the lack of information from EL to Irish WP policyholders. When I last enquired about the MVA they variously told me that it was 4%, then 8% and finally 10%. The statement that I received yesterday was, as ever, thin on detail and as usual (like their website) carries information about bonuses/returns etc. that are only applicable to UK WP policyholders and they persist in not clarifying to Irish policyholders what bonuses/returns and MVAs apply to their funds. They have not sent letters specifically about the Irish WP funds to policyholders [broken link removed]. For what it's worth, once my FSO complaint has been dealt with I plan to cut and run from EL even if it means taking the 10% MVA hit on the WP portion of a relatively small UL/WP pension that I still have with them.
 
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