Over the past twenty years we’ve seen several changes of Government and a similar number of Financial Regulators all promise to do something about pension charges.
And yes, there have been some teaks to rules and new pension products introduced. Many of which are trimmed down versions with fewer ‘bells and whistles’ for a slightly lower level of charges.
For some ordinary working people these have helped. Many are still left with legacy pensions that have levels of charges that are eye wateringly high. To the point, where actually getting any investment return is going to be unlikely.
- Getting advice on pensions is now harder than ever with most advisers charging a fee for work
- Getting accurate information about your pensions depends on the question you ask with most providers still sticking to ‘jargon’ in their replies
- Government funded organisations (like the Moneyadviceservice and Pensionwise) deliberately protect the pension providers by not showing consumers how to solve the ‘pension charges problem’.
Adviser fees charged as a percentage of fund are payable for the life of a pension contract.
Investments of £1200 per year into a ‘lower charge than industry average’ pension could result in you being *£410,000 worse off at retirement date (assuming a 35 year old starting to invest now).
The potential savings for you will run into many tens of thousands of pounds as you’ll see when you get the information from you provider.
It’s for these reasons I have prepared a letter and worksheet that will enable you
* Get the full picture from your pension provider
* Calculate the true impact of charges on your pension
You can get access here and of course there is a complete ‘lifetime’ money back guarantee. Not happy then don’t pay. This year, month or decade – no questions asked.
*Calcs based on a rate an assumed rate of return of 6% pa