pension fees

Hi all
Just been made redundant at the grand old age of 41. My transfer value is 120000. The company is still working and I can't see this ever changing it's a DC scheme. My question is I can leave the pension where it is or transfer to new one. If I transfer I will have fees to pay but if I leave it as a deferred member the company still pays the fees. How much are fees roughly. Is there any point in transferring.
Thanks

Are there early exit penalties on the value?

If not, any fees paid are for the work that the advisor does for you in transferring the plan to your own name. You can pay him a fee or commission.

There are loads of different charging structures available for Buy Out Bond contracts, where you get bonus amounts paid into your policy but have a higher management charge or have no bonus but lower management charge.

I wrote a blog on the options a couple of months ago

http://www.bluewaterfp.ie/pensions-2/what-happens-to-your-pension-when-you-are-made-redundant/

Steven
www.bluewaterfp.ie

Thanks Steven.
Don't think any exit penalties. If I leave the money there as a deferred member the company pays the fees. Hope to be working in the next few week so will have option to transfer to new scheme, or look at a buy out bond want to retire at 60.
Thanks again

The fees come out of the employer contribution but if you are entitled to the employer portion, you are paying them.

If you move to a job with a pension scheme, a trick is to transfer your retained benefits into the scheme. The pensionable service also transfers so, as long as you had 2 years pensionable service, you get immediate vesting in the new scheme and are entitled to the employers contributions from day 1.


Steven
www.bluewaterfp.ie