I decided to invest a lump sum into a pension scheme a few months ago because I had not paid into any scheme for several years and my (small) employer was not planning to start a scheme until they are legally required to in several years time. I had in mind that I would want a stakeholder pension for this and found an IFA via unbiased.com. The IFA talked me into having a personal pension rather than a stakeholder on the basis of access to a wider range of funds. I read through the paperwork when it all arrived and realised that the charges were much higher than for a stakeholder, I was within the 30 day cooling off period, but was within a few days of the end of the tax year (higher rate taxpayer, so I wanted to make the contribution ahead of that date, with a view to possibly doing the same the following year). So I let it go ahead as it would have been too late to get it into a stakeholder within the tax year.
It has since been niggling me ever since that I have made a big mistake here. I think I want to transfer it to a cheaper pension and cut my losses on the initial charge.
My questions are, have I any right to redress? I suspect not. Should I ask the same IFA to arrange this? I really don't trust him any more. Should I go it alone with eg a tracker stakeholder, bearing in mind that my employer has now said they plan to start a scheme next Jan so I almost certainly won't want to make any more payments or should I find another IFA?
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WhoKnowsWhereTheTimeGoes · 31/05/2012 09:31
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