UK Money News
4th February 2008
Pension holders unaware of providers' charges
Millions of pension holders are unaware of the charges levied by their providers, a new study has found.
Figures from Fidelity International show that six out of ten pensioners are completely unaware how much they pay to their provider in charges.
Of these three out of ten were holders of Self-Invested Personal Pensions (Sipps), while a further have stakeholder pensions.
This is despite that that by opting for such a plan "they could be squandering hundreds every year", according to Fidelity.
The study's findings prompted David Dalton-Brown, head of Fidelity FundsNetwork, to urge those considering a plan to pay more attention to the charges involved before choosing.
He said: "Most people would not dream of paying over the odds for their gas bill or their car insurance, yet a pension, as one of the most important pieces of financial planning you will ever do, is often overlooked.
"It is equally important that savers in to personal pensions, including Sipps, make the most of their savings and ensure that high charges are not eating away at their long term returns."
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