The Treasury has been urged to cover up the true cost of pension stealth charges or risk 'permanent damage' to Britain's savings culture. Greedy investment managers nab an astronomical £62.7billion a year from the £2.1trillion held in savings and pensions by exploiting hidden fees, the Government's advisers said. In siphoning off the equivalent of 3.2 per cent of savers' hard-earned cash, hard-hit retirees are sometimes left with less than they paid in. The shocking figures were presented to the Treasury by consultants in a presentation last month and subsequently leaked to The Observer newspaper.

The authors warned the Treasury that savers would be so horrified to find heinous charging structures are used to gouge enormous chunks off their nest eggs and pay City big-wigs bumper bonuses that they'd stop saving...Read more here--: Treasury told to cover-up astronomical pension charges