My first proper job was part-funded by Warwick University, and as such I got to join their ‘gold-plated’ (defined benefits) pension scheme. After two years, the contract ended and I tried to transfer it to my personal pension. It was only a few thousand pounds, but I was not allowed to transfer it unless I’d taken independent financial advice, and the standard advice was that you never gave up guaranteed pension benefits and they refused the transfer.
It took my Dad’s accountant to convince them, writing to explain that the projected growth of this small sum, plus the affects of inflation would not buy me a loaf of bread a week and a daily newspaper and therefore the sum (and argument) was trivial, particularly as I did not expect to work in the Public Sector in the rest of my career. They accepted the argument, and made me realise that ‘respected advice’ is not always in your interest, nor particularly common sense.
