HI all,
AS part of payments into a pension (MAPS 5) we decided to apply indexation.
Along with regular monthly payments, we also made 2 separate single premium payments (lump sum additions to pension) in the last 5 years.
In recent weeks we were investigating moving to a different provider/fund to avail of lower charges.
We were aware of the exit charges on the Single premium payments and factored that in.
However, we were also told that there is an exit charge on the regular payments because of the indexations.
I cannot find anything in the contracts to state that indexation is subject to exit charges (but i would be a little out of my depth ...i.e. it could be there), my broker is looking into it.
I am posting here to determine if exit charges on indexation increases is a standard practice ?
appreciate any comments.
thks