Hidden bank fees mean UK pensions can be 50% smaller than those on the Continent, despite saving the same amount

SOURCE TELEGRAPH: Rip-off pension fees 'cost savers £27bn', says OFT

In a mammoth report, the Office of Fair Trading declared the £275 billion pensions industry has short-changed and bewildered savers and employers alike with workplace pensions that carry a complex web of up to 18 different hidden fees. The highest annual fee in the market is 2.3% (consuming 50% of your pension pot) and the lowest 0.05%. Across the industry, some 14% of schemes, holding £40 billion of assets, were judged to be poor value for money. Previous research by the Telegraph found that hidden fees and charges meant workers pension savings can be 50% smaller than those on the Continent, despite saving the same amount.

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