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Pension companies finally pledge to come clean on hidden fees
Millions of people saving into private pension pots are routinely hit by hidden levies, which typically wipe more than £100,000 from the value of a middle-class worker’s pension. The head of the Association of British Insurers (ABI), which represents pension companies and fund managers, has written to The Pensions Regulator and the Financial Services Authority (FSA) pledging to put in place a new set of rules that will tell savers exactly how much they are being charged on an annual basis. The rules will be agreed by the end of the year and implemented in 2013. The move comes after Steve Webb, the Pensions Minister, announced a crackdown on hidden fees as trust in the pensions industry hits an all-time low. The Daily Telegraph has previously disclosed how a range of little-known fees and levies can decimate the value of a worker’s private pension.....Read more here: Pension companies finally pledge to come clean on hidden fees
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