Anyone planning on investing in a pension scheme should make sure they are aware of the charges they will be paying once the scheme has been set up, one expert believes.
David Dalton-Brown, head of Fidelity FundsNetwork, 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 ... ensure that high charges are not eating away at their long term returns"
His comments came following research by the company that found around a third of those with a stakeholder pension or a self-invested personal pension (Sipp) are unaware of the charges they pay.
It also found that of those who do know about the charges, 27 per cent of those with a stakeholder pension thought they were too high, rising to 46 per cent among those with a Sipp .
A recent study by Prudential found that people may not be saving enough for their retirement .
It said that those retiring in 2008 will, on average, draw a pension of £18,663 - £5,000 less than the average UK income .
People unaware of pension charges
Pensions Quote Line
0845 108 0505
People unaware of pension charges
Tue, 05 Feb 2008
Recommended links
Pensions information and enquiry formPensions enquiry form
Pension providers of the day
Stakeholder pensions guide
Self-Invested Personal Pensions
Occupational Pension Schemes
Planning For Retirement
Occupational pension plan - Leaving Before Retirement
1/3rd of British people not paying into pension scheme
People urged to invest in a pension scheme
Pensions.co.uk is part of a large network of financial sites created to help advise you on life events, such as buying a house, Mortgages.co.uk; insuring your car - CarInsurances.co.uk; your life - LifeInsurance.co.uk; and your home - HomeInsurance.co.uk.
1998 - 2008 UK Pensions - Planning before, at the onset and during retirement.
| pensions news |
|---|
| Falling stock market slams pensions - Fri, 10 Oct 2008 |
| Greater control for pensions investors - Wed, 01 Oct 2008 |
| Pension risks not a problem - Mon, 29 Sep 2008 |
| More News |
Pensions Newsletter
Please enter your email below and subscribe to our monthly newsletter
Save on Your Mortgage
Would you like to save money on your mortgage? Fill out our quick mortgage enquiry form.
Protect Your Health
Find Critical illness, Life and Private Medical Insurance PMI policies.