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Reasons to leave existing pensions where they are: fee amnesties on specific dates

This is a strange feature of some old policies, usually with-profits plans. As mentioned elsewhere on this website, some pension providers impose fees if you decide to move your money elsewhere before the plan’s maturity date.

But even when such fees apply, the firms sometimes offer to waive them on particular dates, often the anniversary of the plan’s commencement. It’s a case of looking through the plan documents thoroughly (or asking an adviser to do so) and establishing whether you have any of these get-out-of-jail-free cards.

If the amnesty is a long way in the future, you may decide that it’s better to pay up now and move the money. It’s a question of how long you’d have to wait and the performance you can expect from the plan in the meantime.

Again, specialist help from a financial adviser may be needed before moving your money out of a scheme that carries exit fees. See our article on professional advice here.

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