Providers rubbish claim 40% of pension funds lost in fees

Advisers and providers have rejected claims pension fees can swallow up to 40% of cash invested by sa...

Advisers and providers have rejected claims pension fees can swallow up to 40% of cash invested by savers over the lifetime of a policy. David Pitt-Watson, founder and chairman of Hermes Equity, suggested UK pensions charge unreasonably high fees, making them a bad deal for consumers, in a report published today. However, industry experts disagree, arguing the pensions industry is very competitive and works to keep costs low for consumers. In a submission to the Royal Society for the Encouragement of the Arts, Manufactures and Commerce (RSA), Pitt-Watson called for pension charges to be...