What are the different types of pensions? (1)
MORE than £1billion of retirement savings is estimated to have been lost because savers have switched to pensions with higher charges, new analysis has found.
This would mean they'd need to work at least three more years just to make up the cash they've lost to higher fees.Lender cuts mortgage rates as they dip below 4% for first time since February For example, most pensions have an "annual management charge" which covers the cost of managing where your pension money is invested on your behalf, with the aim of growing your pot over time.
And previous research by digital wealth manager Moneyfarm found around half of UK workers weren't aware they paid an annual management fee.Before switching your pension to a new scheme, find out what your current scheme charges and what the new scheme would charge.If you aren't sure what your pension providers are charging, ask them for a breakdown - they should provide this to you.
There are several services that can help you if you can't remember what pensions you have or where they are there are.Once you have tracked down your pensions, ask each provider how much you have saved and what charges you are paying.
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