Earlier studies have already suggested that undisclosed costs could combine with the annual management charges declared on pension statements to consume a third of the value of a pension fund over its lifetime. But the TTF research has now suggested the losses could be even higher, because it has allegedly discovered yet more hidden charges. Andy Haldane, the Bank of England’s chief economist, has said “I consider myself moderately financially literate – yet I confess to not being able to make the remotest sense of pensions.”
The Association of British Insurers said pension providers were strongly in favour of making costs transparent and explaining them “in a meaningful and comparable way". The Investment Association, representing UK investment managers, issued a statement saying: “It should be noted that, when it comes to the costs that come with investing on the markets, asset managers play a major role in reducing these for investors by pooling their savings together and achieving significant efficiency savings that they would not be able to enjoy if they simply traded in markets independently.” If you want to talk through the cost of your pension Enable’s IFA’s in Bishops Stortford are here to help.
Source: The Independent
Issued by: Enable Independent Financial Life Planners • 25c North Street, Bishops Stortford, Herts CM23 2LD • Telephone: 01279 755950 - Fax: 01279 657339 Enable Independent Financial Life Planners is a trading style of Enable Independent Limited is authorised and regulated by the Financial Conduct Authority. It is important always to seek independent financial advice before making any decision regarding your finances. If you would like any assistance, please contact us. NOTHING CONTAINED IN THE ARTICLES SHOULD BE CONSIDERED AS GIVING INDIVIDUAL FINANCIAL ADVICE
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