Many pension savers are paying over the odds for do-it-yourself pensions they don't need, it has been suggested.

There are concerns that a significant number of investors with a self-invested personal pension (Sipp) may have been mis-sold these plans, as they may be paying over the odds for a product they do not need.

According to new research from Skandia, a pension provider, one in four Sipp investors has the vast majority (more than 90pc) of his or her investment in unit trusts or Oeics (open-ended investment companies). In many cases they would be able to invest in a range of these funds through a conventional personal pension – which uses a online "platform" to access different funds – at a much lower cost.

Sipps typically have higher fees as they allow far greater flexibility for investors, allowing them to put their money in a wider range of assets. But Skandia's research shows that 70pc of Sipp savers don't invest in exchange-traded funds (ETFs), while 60pc don't use their Sipp to invest in investment trusts and almost half (45pc) do not use it to invest in equities directly....Read more here--: Concern grows over 'mis-sold' Sipp pensions - Telegraph