Millions of investors are being misled about the likely returns from their pension, thanks to over-optimistic annual statements.
These statements are sent out every year to those who have a personal pension plan or a work-based "defined contribution" scheme. The statements are designed to show the pension fund's performance to date, as well as indicating what the fund is likely to be worth at retirement.

But most pension firms use standard projection figures to calculate future growth. Critics claim that the figures used are "wildly optimistic" and give an "incredibly misleading impression of the value of their pensions".

Put simply, the sums used by insurance companies, fund managers and pension providers just don't add up when compared with the real long-term performance of many of these funds.

Most pension firms use the regulator's standard projection rates. For tax-advantaged savings, such as pensions, these give three possible scenario.....

Read more on this story: Your pension could be worth less than you think - Telegraph