RE: First Post28 Apr 2021 16:24
@Bunky1981
Thank you for your advice, I do appreciate it.
My pension is a small one from 20 years ago and not a DB pension.
The encashment value and the transfer value are the same and about 6% less than the Unit Value. I confess I don't fully understand the transfer process from the St James's Place side and I've never had advice from them. The fact that after 20 years my pension is worth just 42% of the amount I paid in, 6% seems a small price to pay to get it out of there. If I do have to pay the 6% to transfer this is nothing to do with PensionBee but the unpleasant people at St James's Place. After a year with PensionBee I can transfer my pension elsewhere with no charges. If you think I have any grounds for a complaint with St James's place please let me know, it does seem wrong that a pension can go down 58% in 20 years.