Hello Please can anyone advise me.
On the online site the transfer value of my pension has reduced by over £100k to £300k, since 2021. The yearly pension has increased slightly to £16 per year, when I am 60years, in just on over 2 years. This is for LCP Telefonica pension.
When I rang them today they just quoted “market forces “ and in an email have said nothing is affected and they reassure “some reassurance that this is simply about a change in the cost to the scheme of meeting the pension promises they have made to you, and is common across the industry.”
But this is not true because my 25% tax free amount has now similarly reduced, so it has a significant impact ?? So why are they trying to bamboozle me !!! And how do I respond?
This is in contrast to colleagues at aviva pensions who have seen yearly increases.