Former HSE employee here. Left 15 years ago to move to the private sector and still have a few years to go to retirement.
At the time I left I had paid c.28k into an AVC with New Ireland. It’s always performed poorly, and the latest ststement has said that the value on retirement (in today’s money) is less than the 28k I paid in all those years ago, ie. negative growth (for comparison my other pensions have grown 6-7% year-on-year).
I queried the poor performance and was told that fees had basically eaten all the profits (up to 6.75% fees on capital units). I also threatened to close it down and transfer the balance into another pension, however I was informed that this wasn’t permitted under the rules of the scheme, ie. according to them, I’m locked into a scheme where New Ireland are reaping large profits from my money, but I’m making nothing!
My question is, is it legal to refuse to allow me to withdraw from the scheme, particularly in light of the fact that they have provided paperwork showing a transfer/surrender value just south of 26k?
Next step is the ombudsman but I want to get a better idea of where I stand before I contact them.
At the time I left I had paid c.28k into an AVC with New Ireland. It’s always performed poorly, and the latest ststement has said that the value on retirement (in today’s money) is less than the 28k I paid in all those years ago, ie. negative growth (for comparison my other pensions have grown 6-7% year-on-year).
I queried the poor performance and was told that fees had basically eaten all the profits (up to 6.75% fees on capital units). I also threatened to close it down and transfer the balance into another pension, however I was informed that this wasn’t permitted under the rules of the scheme, ie. according to them, I’m locked into a scheme where New Ireland are reaping large profits from my money, but I’m making nothing!
My question is, is it legal to refuse to allow me to withdraw from the scheme, particularly in light of the fact that they have provided paperwork showing a transfer/surrender value just south of 26k?
Next step is the ombudsman but I want to get a better idea of where I stand before I contact them.