Bum Deal
Benny,
I'm ok with the EPP. That's just started and I hope to transfer my IFI fund and AVC from AON (IFI provider)
The problem is that EPP provider has been informed by AON, that the fund value is being reduced by approx. 9.64%, from its May actuarial valuation and that the AVC transfer value is exactly the same as the May valuation.
I was obliged to inform AON, before Aug 15th, as to where to transfer the funds. If I failed to do that they would open a PRB for me.
I told them in late June (thanks to advice here!) that I would be taking out an EPP, but it has taken until now to set up and arrange transfer.
AON's latest, and, I understand, final, valuation was done in mid Aug. My gripes are:
1) The IFI Provider has not informed me directly of the reduction nor the reason.
2) The latest valuation was carried out in Aug, while the transfer will not take place until Nov/Dec
3) The fact that the AVC valuation is exactly the same is beyond credibility.
4) Markets have risen since the original valuation.
ACC 101 preaches about the "Time value of money", however this transfer is like Bulmers: " Nothing added but time"
My instinct is to get my own actuarial assessment - the % drop in pension alone involves a good 5 figure sum, before I add the AVC.
I'm looking for advice/suggestions as to what I should do.
I really feel I'm getting the thin edge of this slice of cake.
Thanks in advance.
MM