I faced a £4,367 escape penalty
KEN SLATER (pictured, left, with his wife Jane and grandchildren Joseph, 11, Ben, six, and Jacob, one) took out a Friends Provident pension plan in 1990 soon after he gave up his job in further education to become a freelance cameraman.
He started paying in £50 a month, increasing it to £200 later on. Ken, 59, from Newcastleupon-Tyne, then wanted to stop paying, but found out he would be hit with a £4,367 penalty on his £54,355 pension pot.
He had lost contact with the financial adviser who originally sold him the policy.
On the advice of independent financial adviser AWD Chase de Vere, he got out of the fund in April last year without paying a charge. Mr Slater says: ‘I am happy to be out of this. We were paying in, thinking we were doing the right thing, but it is very difficult to analyse.’