According to this article in yesterdays Irish Independent, Hibernian Life has actually found that it undercharged some of it’s Irish pension customers. According to the article:
INVESTMENT company Hibernian has written to a number of its pension customers telling them it mistakenly under-charged them on their investments and will now increase the charges.
But the life company will not be imposing retrospective charges on people who were not charged the proper fund management charge, the Irish Independent has learned.
It is understood that a number of people who took out pension policies had charges set at 0.75pc when the product literature stated that the annual management charge should be 1pc.
That brings the total count in our Overcharging in Ireland analysis to 47 overcharging incidents admitted to, and 6 incidents of undercharging.