Pension Management Fees

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      William Hood

      I am age 65 and now retired. I am in the fortunate position of having income from a final salary pension scheme as well as from the State Pension. My wife is in a similar position. We have sufficient income from these resources that we do not need to draw down from a private flexible drawdown pension that I hold.

      My drawdown pension is held in cash, no equities, by a well known pension fund manager. Despite the fact that I have made no cash withdrawals for many years, I am unhappy with the fees I am being charged by the fund manager, notwithstanding the ridiculously low rate of interest paid on my cash holding. Year on year the value of my pension fund is dwindling due to management fees exceeding the value of any interest earned and from annual price inflation.

      I should like to transfer my pension to a new fund manager with a fee structure that is significantly cheaper, better interest on my cash holding would also be nice. Does anybody have any suggestions?

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