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Hidden Fees Wipe Off up to 40 Percent of Private Pension Funds
02/08/2011
It was recently reported by the campaign group Consumer Focus that pension firms and financial advisers are charging up to 40% of a pension funds value for the facility.
This impacts individual personal pensions which are currently popular amongst the self-employed and workers who do not have access to a company pension scheme.
The report issued states that a huge number of pension charges exist that an ordinary saver has little chance of understanding, for example trail commission which is a charge (up to 0.5% of the fund value) that is paid every each by savers to an independent financial adviser until they reach retirement. The adviser is likely to do something for this charge to set-up the scheme but following this they continue to receive the payment for no additional work.
The Financial Services Authority has banned ‘trail commission’ from 2013
Homeowners aged over 55 years who are concerned about their pension and would like to know how much money the value of their property could release to increase their income, can find out by contacting therightequityrelease.co.uk for equity release advice.
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